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Occidental Petroleum (OXY) Outpaces Stock Market Gains: What You Should Know

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The most recent trading session ended with Occidental Petroleum (OXY - Free Report) standing at $67.71, reflecting a +0.67% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily gain of 0.11%. On the other hand, the Dow registered a loss of 0.11%, and the technology-centric Nasdaq increased by 0.23%.

The the stock of oil and gas exploration and production company has risen by 11.03% in the past month, leading the Oils-Energy sector's gain of 8.5% and the S&P 500's gain of 1.5%.

The investment community will be paying close attention to the earnings performance of Occidental Petroleum in its upcoming release. The company is slated to reveal its earnings on May 7, 2024. The company is expected to report EPS of $0.62, down 43.12% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $6.72 billion, indicating a 7.42% decrease compared to the same quarter of the previous year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.60 per share and revenue of $30.07 billion, indicating changes of -2.7% and +3.97%, respectively, compared to the previous year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

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. The Zacks Consensus EPS estimate has moved 1.96% lower within the past month. Right now, Occidental Petroleum possesses a Zacks Rank of #3 (Hold).

Investors should also note Occidental Petroleum's current valuation metrics, including its Forward P/E ratio of 18.69. This signifies a premium in comparison to the average Forward P/E of 15.4 for its industry.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 96, positioning it in the top 39% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.


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