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Occidental Petroleum (OXY) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Occidental Petroleum (OXY - Free Report) closed at $63, marking a +0.1% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.09%. Elsewhere, the Dow lost 0.03%, while the tech-heavy Nasdaq lost 2.51%.
Coming into today, shares of the oil and gas exploration and production company had gained 6.71% in the past month. In that same time, the Oils-Energy sector gained 12.14%, while the S&P 500 gained 6.17%.
Occidental Petroleum will be looking to display strength as it nears its next earnings release, which is expected to be May 9, 2023. In that report, analysts expect Occidental Petroleum to post earnings of $1.36 per share. This would mark a year-over-year decline of 35.85%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.57 billion, down 11.25% from the year-ago period.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $5.84 per share and revenue of $31.14 billion. These results would represent year-over-year changes of -37.54% and -16.05%, respectively.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. 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 shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 past month, the Zacks Consensus EPS estimate has moved 5.65% lower. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 10.78. This valuation marks a premium compared to its industry's average Forward P/E of 10.55.
Meanwhile, OXY's PEG ratio is currently 0.49. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 0.53 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 70, putting it in the top 28% 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
In the latest trading session, Occidental Petroleum (OXY - Free Report) closed at $63, marking a +0.1% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.09%. Elsewhere, the Dow lost 0.03%, while the tech-heavy Nasdaq lost 2.51%.
Coming into today, shares of the oil and gas exploration and production company had gained 6.71% in the past month. In that same time, the Oils-Energy sector gained 12.14%, while the S&P 500 gained 6.17%.
Occidental Petroleum will be looking to display strength as it nears its next earnings release, which is expected to be May 9, 2023. In that report, analysts expect Occidental Petroleum to post earnings of $1.36 per share. This would mark a year-over-year decline of 35.85%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.57 billion, down 11.25% from the year-ago period.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $5.84 per share and revenue of $31.14 billion. These results would represent year-over-year changes of -37.54% and -16.05%, respectively.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. 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 shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 past month, the Zacks Consensus EPS estimate has moved 5.65% lower. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 10.78. This valuation marks a premium compared to its industry's average Forward P/E of 10.55.
Meanwhile, OXY's PEG ratio is currently 0.49. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 0.53 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 70, putting it in the top 28% 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.