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Occidental Petroleum (OXY) Stock Drops Despite Market Gains: Important Facts to Note
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In the latest close session, Occidental Petroleum (OXY - Free Report) was down 2.41% at $45.33. The stock trailed the S&P 500, which registered a daily gain of 0.94%. Elsewhere, the Dow gained 0.75%, while the tech-heavy Nasdaq added 1.52%.
Coming into today, shares of the oil and gas exploration and production company had gained 7.92% in the past month. In that same time, the Oils-Energy sector gained 4.54%, while the S&P 500 gained 1.67%.
The investment community will be paying close attention to the earnings performance of Occidental Petroleum in its upcoming release. The company's earnings per share (EPS) are projected to be $0.38, reflecting a 63.11% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $6.45 billion, indicating a 6.28% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.21 per share and a revenue of $26.5 billion, representing changes of -36.13% and -1.41%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, 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. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.33% lower. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Looking at valuation, Occidental Petroleum is presently trading at a Forward P/E ratio of 21.04. This signifies a premium in comparison to the average Forward P/E of 16.96 for its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 175, putting it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Occidental Petroleum (OXY) Stock Drops Despite Market Gains: Important Facts to Note
In the latest close session, Occidental Petroleum (OXY - Free Report) was down 2.41% at $45.33. The stock trailed the S&P 500, which registered a daily gain of 0.94%. Elsewhere, the Dow gained 0.75%, while the tech-heavy Nasdaq added 1.52%.
Coming into today, shares of the oil and gas exploration and production company had gained 7.92% in the past month. In that same time, the Oils-Energy sector gained 4.54%, while the S&P 500 gained 1.67%.
The investment community will be paying close attention to the earnings performance of Occidental Petroleum in its upcoming release. The company's earnings per share (EPS) are projected to be $0.38, reflecting a 63.11% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $6.45 billion, indicating a 6.28% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.21 per share and a revenue of $26.5 billion, representing changes of -36.13% and -1.41%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, 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. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.33% lower. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
Looking at valuation, Occidental Petroleum is presently trading at a Forward P/E ratio of 21.04. This signifies a premium in comparison to the average Forward P/E of 16.96 for its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 175, putting it in the bottom 29% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.