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Occidental Petroleum (OXY) Ascends But Remains Behind Market: Some Facts to Note
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Occidental Petroleum (OXY - Free Report) closed at $64.66 in the latest trading session, marking a +0.33% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.91% for the day. Meanwhile, the Dow gained 0.85%, and the Nasdaq, a tech-heavy index, added 1.51%.
The oil and gas exploration and production company's shares have seen a decrease of 4.81% over the last month, not keeping up with the Oils-Energy sector's loss of 0.99% and the S&P 500's loss of 4.2%.
Investors will be eagerly watching for the performance of Occidental Petroleum in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 7, 2024. On that day, Occidental Petroleum is projected to report earnings of $0.56 per share, which would represent a year-over-year decline of 48.62%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.7 billion, down 7.66% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.81 per share and revenue of $30.8 billion, indicating changes of +2.97% and +6.5%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Occidental Petroleum. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 5.99% higher within the past month. Occidental Petroleum currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 16.9. This represents a premium compared to its industry's average Forward P/E of 15.51.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 65, positioning it in the top 26% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Occidental Petroleum (OXY) Ascends But Remains Behind Market: Some Facts to Note
Occidental Petroleum (OXY - Free Report) closed at $64.66 in the latest trading session, marking a +0.33% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 0.91% for the day. Meanwhile, the Dow gained 0.85%, and the Nasdaq, a tech-heavy index, added 1.51%.
The oil and gas exploration and production company's shares have seen a decrease of 4.81% over the last month, not keeping up with the Oils-Energy sector's loss of 0.99% and the S&P 500's loss of 4.2%.
Investors will be eagerly watching for the performance of Occidental Petroleum in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 7, 2024. On that day, Occidental Petroleum is projected to report earnings of $0.56 per share, which would represent a year-over-year decline of 48.62%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.7 billion, down 7.66% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.81 per share and revenue of $30.8 billion, indicating changes of +2.97% and +6.5%, respectively, compared to the previous year.
Investors should also take note of any recent adjustments to analyst estimates for Occidental Petroleum. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. The Zacks Consensus EPS estimate has moved 5.99% higher within the past month. Occidental Petroleum currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 16.9. This represents a premium compared to its industry's average Forward P/E of 15.51.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 65, positioning it in the top 26% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.