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Occidental Petroleum (OXY) Stock Falls Amid Market Uptick: What Investors Need to Know
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The most recent trading session ended with Occidental Petroleum (OXY - Free Report) standing at $63.35, reflecting a -0.98% shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily gain of 0.43%. Meanwhile, the Dow experienced a rise of 0.19%, and the technology-dominated Nasdaq saw an increase of 0.71%.
The the stock of oil and gas exploration and production company has fallen by 3.69% in the past month, lagging the Oils-Energy sector's loss of 1.54% and the S&P 500's loss of 2.1%.
The upcoming earnings release of Occidental Petroleum will be of great interest to investors. The company's earnings report is expected on November 7, 2023. The company is predicted to post an EPS of $0.95, indicating a 61.07% decline compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $7.26 billion, indicating a 23.6% decrease compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.03 per share and revenue of $28.86 billion. These totals would mark changes of -56.9% and -22.21%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for Occidental Petroleum. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 5.77% increase. Occidental Petroleum currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Occidental Petroleum currently has a Forward P/E ratio of 15.86. For comparison, its industry has an average Forward P/E of 15.45, which means Occidental Petroleum is trading at a premium to the group.
Investors should also note that OXY has a PEG ratio of 0.72 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.72 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 55, which puts it in the top 22% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow OXY in the coming trading sessions, be sure to utilize Zacks.com.
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Occidental Petroleum (OXY) Stock Falls Amid Market Uptick: What Investors Need to Know
The most recent trading session ended with Occidental Petroleum (OXY - Free Report) standing at $63.35, reflecting a -0.98% shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily gain of 0.43%. Meanwhile, the Dow experienced a rise of 0.19%, and the technology-dominated Nasdaq saw an increase of 0.71%.
The the stock of oil and gas exploration and production company has fallen by 3.69% in the past month, lagging the Oils-Energy sector's loss of 1.54% and the S&P 500's loss of 2.1%.
The upcoming earnings release of Occidental Petroleum will be of great interest to investors. The company's earnings report is expected on November 7, 2023. The company is predicted to post an EPS of $0.95, indicating a 61.07% decline compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $7.26 billion, indicating a 23.6% decrease compared to the same quarter of the previous year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $4.03 per share and revenue of $28.86 billion. These totals would mark changes of -56.9% and -22.21%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for Occidental Petroleum. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 5.77% increase. Occidental Petroleum currently has a Zacks Rank of #3 (Hold).
Digging into valuation, Occidental Petroleum currently has a Forward P/E ratio of 15.86. For comparison, its industry has an average Forward P/E of 15.45, which means Occidental Petroleum is trading at a premium to the group.
Investors should also note that OXY has a PEG ratio of 0.72 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.72 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 55, which puts it in the top 22% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow OXY in the coming trading sessions, be sure to utilize Zacks.com.