In the latest trading session, Occidental Petroleum (OXY) closed at $47.19, marking a -1.19% move from the previous day. This change lagged the S&P 500's daily loss of 0.1%. On the other hand, the Dow registered a gain of 0.57%, and the technology-centric Nasdaq decreased by 0.33%.
Shares of the oil and gas exploration and production company have appreciated by 8.64% over the course of the past month, outperforming the Oils-Energy sector's gain of 3.89%, and the S&P 500's gain of 2.57%.
Market participants will be closely following the financial results of Occidental Petroleum in its upcoming release. The company's earnings per share (EPS) are projected to be $0.49, reflecting a 51% decrease from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $6.64 billion, down 7.18% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $2.29 per share and revenue of $26.64 billion, which would represent changes of -33.82% and -0.88%, respectively, from the prior year.
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. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.04% higher. At present, Occidental Petroleum boasts a Zacks Rank of #3 (Hold).
In the context of valuation, Occidental Petroleum is at present trading with a Forward P/E ratio of 20.86. This valuation marks a premium compared to its industry average Forward P/E of 16.07.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 190, which puts it in the bottom 24% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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 ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
