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Occidental Petroleum (OXY) Stock Slides as Market Rises: Facts to Know Before You Trade
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The most recent trading session ended with Occidental Petroleum (OXY - Free Report) standing at $56.73, reflecting a -0.02% shift from the previouse trading day's closing. This move lagged the S&P 500's daily gain of 0.29%. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq added 0.43%.
Shares of the oil and gas exploration and production company have depreciated by 6.69% over the course of the past month, underperforming the Oils-Energy sector's loss of 5.56% and the S&P 500's gain of 2.08%.
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. The company's upcoming EPS is projected at $0.93, signifying a 42.24% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $7.31 billion, indicating a 12.16% downward movement from the same quarter last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Occidental Petroleum. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 18.86% lower within the past month. At present, Occidental Petroleum boasts a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 12.28. For comparison, its industry has an average Forward P/E of 11.9, which means Occidental Petroleum is trading at a premium to the group.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 223, putting it in the bottom 12% 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) Stock Slides as Market Rises: Facts to Know Before You Trade
The most recent trading session ended with Occidental Petroleum (OXY - Free Report) standing at $56.73, reflecting a -0.02% shift from the previouse trading day's closing. This move lagged the S&P 500's daily gain of 0.29%. Elsewhere, the Dow lost 0.25%, while the tech-heavy Nasdaq added 0.43%.
Shares of the oil and gas exploration and production company have depreciated by 6.69% over the course of the past month, underperforming the Oils-Energy sector's loss of 5.56% and the S&P 500's gain of 2.08%.
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. The company's upcoming EPS is projected at $0.93, signifying a 42.24% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $7.31 billion, indicating a 12.16% downward movement from the same quarter last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Occidental Petroleum. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 18.86% lower within the past month. At present, Occidental Petroleum boasts a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 12.28. For comparison, its industry has an average Forward P/E of 11.9, which means Occidental Petroleum is trading at a premium to the group.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 223, putting it in the bottom 12% 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.