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Occidental Petroleum (OXY) Rises As Market Takes a Dip: Key Facts

Occidental Petroleum (OXY) closed the most recent trading day at $62.44, moving +1.93% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.25%. Elsewhere, the Dow saw an upswing of 0.77%, while the tech-heavy Nasdaq depreciated by 0.79%.

The the stock of oil and gas exploration and production company has fallen by 2.23% in the past month, leading the Oils-Energy sector's loss of 5.24% and undershooting the S&P 500's gain of 3.59%.

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 $0.95, indicating a 39.71% growth compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $7.39 billion, up 9.78% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.89 per share and revenue of $29.91 billion, indicating changes of +5.14% and +3.42%, respectively, compared to the previous year.

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Investors should also take note of any recent adjustments to analyst estimates for Occidental Petroleum. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 0.06% fall in the Zacks Consensus EPS estimate. Occidental Petroleum is currently a Zacks Rank #3 (Hold).

In the context of valuation, Occidental Petroleum is at present trading with a Forward P/E ratio of 15.77. For comparison, its industry has an average Forward P/E of 15.77, which means Occidental Petroleum is trading at no noticeable deviation to the group.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 97, this industry ranks in the top 39% of all industries, numbering over 250.

The Zacks Industry Rank is ordered 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.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report

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