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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 $59.21, marking a +0.7% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.12%. At the same time, the Dow added 0.03%, and the tech-heavy Nasdaq gained 5.14%.
Occidental Petroleum will be looking to display strength as it nears its next earnings release, which is expected to be August 2, 2023. The company is expected to report EPS of $1.30, down 58.86% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $7.28 billion, down 32.19% from the year-ago period.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $4.84 per share and revenue of $29.84 billion. These results would represent year-over-year changes of -48.24% and -19.57%, respectively.
Investors should also note any recent changes to analyst estimates 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 shows that these estimate changes are directly correlated with near-term stock prices. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating 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).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 12.14 right now. This valuation marks a discount compared to its industry's average Forward P/E of 14.12.
We can also see that OXY currently has a PEG ratio of 0.55. 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 0.58 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 112, which puts it in the top 45% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Occidental Petroleum (OXY - Free Report) closed at $59.21, marking a +0.7% move from the previous day. The stock outpaced the S&P 500's daily gain of 0.12%. At the same time, the Dow added 0.03%, and the tech-heavy Nasdaq gained 5.14%.
Occidental Petroleum will be looking to display strength as it nears its next earnings release, which is expected to be August 2, 2023. The company is expected to report EPS of $1.30, down 58.86% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $7.28 billion, down 32.19% from the year-ago period.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $4.84 per share and revenue of $29.84 billion. These results would represent year-over-year changes of -48.24% and -19.57%, respectively.
Investors should also note any recent changes to analyst estimates 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 shows that these estimate changes are directly correlated with near-term stock prices. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating 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).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 12.14 right now. This valuation marks a discount compared to its industry's average Forward P/E of 14.12.
We can also see that OXY currently has a PEG ratio of 0.55. 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 0.58 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 112, which puts it in the top 45% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.