Yahoo Finance Are You a Momentum Investor? This 1 Stock Could Be the Perfect Pick
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.
Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.
Is This 1 Momentum Stock a Screaming Buy Right Now?
For momentum investors, upward or downward trends in a stock's price or earnings outlook take precedent, so they'll want to zero in on the Momentum Style Score. This Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
Occidental Petroleum (OXY)
Founded in 1920, Houston, TX-based Occidental Petroleum Corporation is an integrated oil and gas company with significant exploration and production exposure. The company is also a producer of a variety of basic chemicals, petrochemicals, polymers and specialty chemicals. The company conducts its operations through three segments: Oil and Gas, Chemical and Midstream and Marketing. At 2023-end, Occidental’s preliminary worldwide proved reserves totaled 3.98 billion barrels of oil equivalent (BOE) compared with 3.82 billion BOE at the end of 2022. The company achieved a reserve replacement of 137% in 2023.
OXY sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of A, and has a VGM Score of B. The stock is up 1.7% and up 4.3% over the past one-week and four-week period, respectively, and Occidental Petroleum has gained 10.2% in the last one-year period as well. Additionally, an average of 8,196,701 shares were traded over the last 20 trading sessions.
Momentum investors don't just pay attention to price changes; positive earnings play a crucial role, too. Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2024. The Zacks Consensus Estimate has increased $0.18 to $3.85 per share. OXY boasts an average earnings surprise of 3.4%.
With strong earnings growth, a good Zacks Rank, and top-tier Momentum and VGM Style Scores, investors should think about adding OXY to their portfolios.
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Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report
