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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 trading session, Occidental Petroleum (OXY - Free Report) closed at $58.27, marking a -1.14% move from the previous day. This change lagged the S&P 500's daily gain of 1.41%. Elsewhere, the Dow gained 0.58%, while the tech-heavy Nasdaq added 2.2%.

Prior to today's trading, shares of the oil and gas exploration and production company had gained 4.37% over the past month. This has outpaced the Oils-Energy sector's gain of 3.47% and the S&P 500's gain of 2.9% in that time.

The investment community will be paying close attention to the earnings performance of Occidental Petroleum in its upcoming release. The company is predicted to post an EPS of $1.10, indicating a 31.68% decline compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $7.45 billion, indicating a 10.54% downward movement from the same quarter last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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. Within the past 30 days, our consensus EPS projection has moved 2.54% lower. As of now, Occidental Petroleum holds a Zacks Rank of #3 (Hold).

With respect to valuation, Occidental Petroleum is currently being traded at a Forward P/E ratio of 10.9. This expresses a discount compared to the average Forward P/E of 11.93 of its industry.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 176, which puts it in the bottom 31% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our 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.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.


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