Yahoo Finance Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
In the latest trading session, Occidental Petroleum (OXY) closed at $64.52, marking a +0.14% move from the previous day. The stock outpaced the S&P 500's daily loss of 0.02%. Elsewhere, the Dow gained 0.03%, while the tech-heavy Nasdaq added 5.44%.
Coming into today, shares of the oil and gas exploration and production company had gained 0.16% in the past month. In that same time, the Oils-Energy sector gained 2.6%, while the S&P 500 gained 4.57%.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be February 27, 2023. On that day, Occidental Petroleum is projected to report earnings of $1.85 per share, which would represent year-over-year growth of 25%. Our most recent consensus estimate is calling for quarterly revenue of $8.82 billion, up 10.16% from the year-ago period.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 4.98% lower within the past month. Occidental Petroleum currently has a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 9.58 right now. Its industry sports an average Forward P/E of 11.78, so we one might conclude that Occidental Petroleum is trading at a discount comparatively.
We can also see that OXY currently has a PEG ratio of 0.4. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. OXY's industry had an average PEG ratio of 0.44 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 175, putting it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report
