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Occidental Petroleum (OXY) Sees a More Significant Dip Than Broader Market: Some Facts to Know
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Occidental Petroleum (OXY - Free Report) ended the recent trading session at $56.22, demonstrating a -0.71% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.56%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 0.59%.
Shares of the oil and gas exploration and production company have depreciated by 6.1% over the course of the past month, underperforming the Oils-Energy sector's loss of 2.83% and the S&P 500's gain of 1.2%.
The investment community will be closely monitoring the performance of Occidental Petroleum in its forthcoming earnings report. The company is scheduled to release its earnings on February 14, 2024. In that report, analysts expect Occidental Petroleum to post earnings of $0.93 per share. This would mark a year-over-year decline of 42.24%. Our most recent consensus estimate is calling for quarterly revenue of $7.31 billion, down 12.16% from the year-ago period.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Occidental Petroleum. These revisions help to show the ever-changing nature 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 18.76% decrease. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 12.25 right now. This expresses a premium compared to the average Forward P/E of 11.89 of its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 232, this industry ranks in the bottom 8% of all industries, numbering over 250.
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.
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) Sees a More Significant Dip Than Broader Market: Some Facts to Know
Occidental Petroleum (OXY - Free Report) ended the recent trading session at $56.22, demonstrating a -0.71% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 0.56%. On the other hand, the Dow registered a loss of 0.25%, and the technology-centric Nasdaq decreased by 0.59%.
Shares of the oil and gas exploration and production company have depreciated by 6.1% over the course of the past month, underperforming the Oils-Energy sector's loss of 2.83% and the S&P 500's gain of 1.2%.
The investment community will be closely monitoring the performance of Occidental Petroleum in its forthcoming earnings report. The company is scheduled to release its earnings on February 14, 2024. In that report, analysts expect Occidental Petroleum to post earnings of $0.93 per share. This would mark a year-over-year decline of 42.24%. Our most recent consensus estimate is calling for quarterly revenue of $7.31 billion, down 12.16% from the year-ago period.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Occidental Petroleum. These revisions help to show the ever-changing nature 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 18.76% decrease. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 12.25 right now. This expresses a premium compared to the average Forward P/E of 11.89 of its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 232, this industry ranks in the bottom 8% of all industries, numbering over 250.
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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.