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Occidental Petroleum (OXY) Stock Moves -0.36%: What You Should Know

Occidental Petroleum (OXY) closed at $69.01 in the latest trading session, marking a -0.36% move from the prior day. This change was narrower than the S&P 500's daily loss of 1.46%. Meanwhile, the Dow experienced a drop of 1.24%, and the technology-dominated Nasdaq saw a decrease of 1.63%.

Prior to today's trading, shares of the oil and gas exploration and production company had gained 10.67% over the past month. This has outpaced the Oils-Energy sector's gain of 8.14% and the S&P 500's gain of 1.6% in that time.

The investment community will be paying close attention to the earnings performance of Occidental Petroleum in its upcoming release. The company is slated to reveal its earnings on May 7, 2024. In that report, analysts expect Occidental Petroleum to post earnings of $0.65 per share. This would mark a year-over-year decline of 40.37%. At the same time, our most recent consensus estimate is projecting a revenue of $6.79 billion, reflecting a 6.41% fall from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.84 per share and a revenue of $30.73 billion, indicating changes of +3.78% and +6.28%, respectively, from the former year.

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Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.73% upward. Right now, Occidental Petroleum possesses a Zacks Rank of #3 (Hold).

In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 18.02. This expresses a premium compared to the average Forward P/E of 15.56 of its industry.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 101, which puts it in the top 41% 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.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

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Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report

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