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Occidental Petroleum (OXY) Outpaces Stock Market Gains: What You Should Know
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Occidental Petroleum (OXY - Free Report) closed at $61.27 in the latest trading session, marking a +1.19% move from the prior day. This move outpaced the S&P 500's daily gain of 0.74%. Meanwhile, the Dow gained 0.25%, and the Nasdaq, a tech-heavy index, added 11.47%.
Coming into today, shares of the oil and gas exploration and production company had gained 3.03% in the past month. In that same time, the Oils-Energy sector gained 1%, while the S&P 500 gained 3.34%.
Wall Street will be looking for positivity from Occidental Petroleum as it approaches its next earnings report date. This is expected to be August 2, 2023. On that day, Occidental Petroleum is projected to report earnings of $1.07 per share, which would represent a year-over-year decline of 66.14%. Our most recent consensus estimate is calling for quarterly revenue of $7.28 billion, down 32.19% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.84 per share and revenue of $29.84 billion. These totals would mark changes of -48.24% and -19.57%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 4.91% lower. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 12.52. This valuation marks a discount compared to its industry's average Forward P/E of 14.46.
Meanwhile, OXY's PEG ratio is currently 0.57. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. OXY's industry had an average PEG ratio of 0.6 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 187, putting it in the bottom 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Occidental Petroleum (OXY) Outpaces Stock Market Gains: What You Should Know
Occidental Petroleum (OXY - Free Report) closed at $61.27 in the latest trading session, marking a +1.19% move from the prior day. This move outpaced the S&P 500's daily gain of 0.74%. Meanwhile, the Dow gained 0.25%, and the Nasdaq, a tech-heavy index, added 11.47%.
Coming into today, shares of the oil and gas exploration and production company had gained 3.03% in the past month. In that same time, the Oils-Energy sector gained 1%, while the S&P 500 gained 3.34%.
Wall Street will be looking for positivity from Occidental Petroleum as it approaches its next earnings report date. This is expected to be August 2, 2023. On that day, Occidental Petroleum is projected to report earnings of $1.07 per share, which would represent a year-over-year decline of 66.14%. Our most recent consensus estimate is calling for quarterly revenue of $7.28 billion, down 32.19% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.84 per share and revenue of $29.84 billion. These totals would mark changes of -48.24% and -19.57%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 4.91% lower. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 12.52. This valuation marks a discount compared to its industry's average Forward P/E of 14.46.
Meanwhile, OXY's PEG ratio is currently 0.57. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. OXY's industry had an average PEG ratio of 0.6 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 187, putting it in the bottom 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.