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Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
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Occidental Petroleum (OXY - Free Report) closed the most recent trading day at $63.49, moving +2.76% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 0.45% for the day. Elsewhere, the Dow saw a downswing of 0.63%, while the tech-heavy Nasdaq depreciated by 0.78%.
The oil and gas exploration and production company's shares have seen an increase of 4.64% over the last month, surpassing the Oils-Energy sector's gain of 2% and the S&P 500's loss of 1.99%.
Investors will be eagerly watching for the performance of Occidental Petroleum in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $1.37, marking a 114.06% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $6.69 billion, down 0.46% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $6.2 per share and a revenue of $26.89 billion, indicating changes of +180.54% and +5.71%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Occidental Petroleum. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 6.68% rise in the Zacks Consensus EPS estimate. Currently, Occidental Petroleum is carrying a Zacks Rank of #3 (Hold).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 9.97. Its industry sports an average Forward P/E of 20.7, so one might conclude that Occidental Petroleum is trading at a discount comparatively.
Investors should also note that OXY has a PEG ratio of 0.96 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. OXY's industry had an average PEG ratio of 1.8 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 185, putting it in the bottom 25% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.
View the Zacks #1 Rank List
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Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
Occidental Petroleum (OXY - Free Report) closed the most recent trading day at $63.49, moving +2.76% from the previous trading session. The stock exceeded the S&P 500, which registered a loss of 0.45% for the day. Elsewhere, the Dow saw a downswing of 0.63%, while the tech-heavy Nasdaq depreciated by 0.78%.
The oil and gas exploration and production company's shares have seen an increase of 4.64% over the last month, surpassing the Oils-Energy sector's gain of 2% and the S&P 500's loss of 1.99%.
Investors will be eagerly watching for the performance of Occidental Petroleum in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $1.37, marking a 114.06% rise compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $6.69 billion, down 0.46% from the prior-year quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $6.2 per share and a revenue of $26.89 billion, indicating changes of +180.54% and +5.71%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Occidental Petroleum. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 6.68% rise in the Zacks Consensus EPS estimate. Currently, Occidental Petroleum is carrying a Zacks Rank of #3 (Hold).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 9.97. Its industry sports an average Forward P/E of 20.7, so one might conclude that Occidental Petroleum is trading at a discount comparatively.
Investors should also note that OXY has a PEG ratio of 0.96 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. OXY's industry had an average PEG ratio of 1.8 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 185, putting it in the bottom 25% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.