In the latest close session, Occidental Petroleum (OXY) was up +1.56% at $61.25. The stock's performance was ahead of the S&P 500's daily loss of 0.37%. Meanwhile, the Dow lost 0.18%, and the Nasdaq, a tech-heavy index, lost 0.84%.
The oil and gas exploration and production company's shares have seen an increase of 15.03% over the last month, surpassing the Oils-Energy sector's gain of 8.79% and the S&P 500's loss of 3.7%.
Analysts and investors alike will be keeping a close eye on the performance of Occidental Petroleum in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.37, indicating a 57.47% decline compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $5.12 billion, reflecting a 25.14% fall from the equivalent quarter last year.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $1.69 per share and revenue of $21.46 billion. These results would represent year-over-year changes of -23.53% and -15.65%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Occidental Petroleum. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, 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, the Zacks Consensus EPS estimate has moved 92.26% higher. 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 35.6. This signifies a premium in comparison to the average Forward P/E of 20.18 for its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 174, finds itself in the bottom 29% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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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Occidental Petroleum Corporation (OXY): Free Stock Analysis Report
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