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Occidental Petroleum (OXY) Stock Slides as Market Rises: Facts to Know Before You Trade
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In the latest market close, Occidental Petroleum (OXY - Free Report) reached $61.74, with a -0.79% movement compared to the previous day. This change lagged the S&P 500's daily gain of 1.2%. Elsewhere, the Dow saw an upswing of 1.58%, while the tech-heavy Nasdaq appreciated by 1.16%.
Shares of the oil and gas exploration and production company have depreciated by 4.08% over the course of the past month, outperforming the Oils-Energy sector's loss of 5.73% and lagging the S&P 500's loss of 3.58%.
Market participants will be closely following the financial results of Occidental Petroleum in its upcoming release. The company plans to announce its earnings on November 7, 2023. In that report, analysts expect Occidental Petroleum to post earnings of $0.89 per share. This would mark a year-over-year decline of 63.52%. Our most recent consensus estimate is calling for quarterly revenue of $7.23 billion, down 23.87% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $4 per share and revenue of $28.84 billion, which would represent changes of -57.22% and -22.26%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Occidental Petroleum. Such recent modifications usually signify the changing landscape of near-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. Over the past month, the Zacks Consensus EPS estimate has moved 2.51% higher. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 15.55. This expresses a premium compared to the average Forward P/E of 15.15 of its industry.
Meanwhile, OXY's PEG ratio is currently 0.71. 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. The Oil and Gas - Integrated - United States industry had an average PEG ratio of 0.73 as trading concluded yesterday.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 41, finds itself in the top 17% echelons 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Occidental Petroleum (OXY) Stock Slides as Market Rises: Facts to Know Before You Trade
In the latest market close, Occidental Petroleum (OXY - Free Report) reached $61.74, with a -0.79% movement compared to the previous day. This change lagged the S&P 500's daily gain of 1.2%. Elsewhere, the Dow saw an upswing of 1.58%, while the tech-heavy Nasdaq appreciated by 1.16%.
Shares of the oil and gas exploration and production company have depreciated by 4.08% over the course of the past month, outperforming the Oils-Energy sector's loss of 5.73% and lagging the S&P 500's loss of 3.58%.
Market participants will be closely following the financial results of Occidental Petroleum in its upcoming release. The company plans to announce its earnings on November 7, 2023. In that report, analysts expect Occidental Petroleum to post earnings of $0.89 per share. This would mark a year-over-year decline of 63.52%. Our most recent consensus estimate is calling for quarterly revenue of $7.23 billion, down 23.87% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $4 per share and revenue of $28.84 billion, which would represent changes of -57.22% and -22.26%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Occidental Petroleum. Such recent modifications usually signify the changing landscape of near-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. Over the past month, the Zacks Consensus EPS estimate has moved 2.51% higher. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 15.55. This expresses a premium compared to the average Forward P/E of 15.15 of its industry.
Meanwhile, OXY's PEG ratio is currently 0.71. 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. The Oil and Gas - Integrated - United States industry had an average PEG ratio of 0.73 as trading concluded yesterday.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 41, finds itself in the top 17% echelons 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.