Occidental Petroleum (OXY) ended the recent trading session at $42.01, demonstrating a -1.38% change from the preceding day's closing price. This move lagged the S&P 500's daily gain of 0.52%. Elsewhere, the Dow gained 0.63%, while the tech-heavy Nasdaq added 0.48%.
Prior to today's trading, shares of the oil and gas exploration and production company had gained 4.46% outpaced the Oils-Energy sector's gain of 3.92% and the S&P 500's gain of 4.27%.
The upcoming earnings release of Occidental Petroleum will be of great interest to investors. The company is forecasted to report an EPS of $0.36, showcasing a 65.05% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.45 billion, down 6.28% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.3 per share and revenue of $26.54 billion. These totals would mark changes of -33.53% and -1.27%, respectively, from last year.
Investors should also pay attention to any latest changes in 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 business outlook.
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.
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, there's been a 3.94% rise in the Zacks Consensus EPS estimate. As of now, Occidental Petroleum holds a Zacks Rank of #3 (Hold).
From a valuation perspective, Occidental Petroleum is currently exchanging hands at a Forward P/E ratio of 18.55. This expresses a premium compared to the average Forward P/E of 15.96 of its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 176, this industry ranks in the bottom 29% of all industries, numbering over 250.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.
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Occidental Petroleum Corporation (OXY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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