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Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
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Occidental Petroleum (OXY - Free Report) closed at $37.26 in the latest trading session, marking a +0.54% move from the prior day. This move outpaced the S&P 500's daily loss of 0.54%. At the same time, the Dow lost 0.02%, and the tech-heavy Nasdaq lost 0.12%.
Prior to today's trading, shares of the oil and gas exploration and production company had gained 26.66% over the past month. This has outpaced the Oils-Energy sector's gain of 10.99% and the S&P 500's loss of 7.87% in that time.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be February 24, 2022. On that day, Occidental Petroleum is projected to report earnings of $1.08 per share, which would represent year-over-year growth of 238.46%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.19 billion, up 114.75% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Occidental Petroleum. 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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, the Zacks Consensus EPS estimate has moved 15.66% higher. Occidental Petroleum is currently a Zacks Rank #3 (Hold).
In terms of valuation, Occidental Petroleum is currently trading at a Forward P/E ratio of 10.41. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 10.41.
Investors should also note that OXY has a PEG ratio of 0.28 right now. 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 0.57 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 89, putting it in the top 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
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Occidental Petroleum (OXY) Gains As Market Dips: What You Should Know
Occidental Petroleum (OXY - Free Report) closed at $37.26 in the latest trading session, marking a +0.54% move from the prior day. This move outpaced the S&P 500's daily loss of 0.54%. At the same time, the Dow lost 0.02%, and the tech-heavy Nasdaq lost 0.12%.
Prior to today's trading, shares of the oil and gas exploration and production company had gained 26.66% over the past month. This has outpaced the Oils-Energy sector's gain of 10.99% and the S&P 500's loss of 7.87% in that time.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be February 24, 2022. On that day, Occidental Petroleum is projected to report earnings of $1.08 per share, which would represent year-over-year growth of 238.46%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.19 billion, up 114.75% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Occidental Petroleum. 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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, the Zacks Consensus EPS estimate has moved 15.66% higher. Occidental Petroleum is currently a Zacks Rank #3 (Hold).
In terms of valuation, Occidental Petroleum is currently trading at a Forward P/E ratio of 10.41. This valuation marks a no noticeable deviation compared to its industry's average Forward P/E of 10.41.
Investors should also note that OXY has a PEG ratio of 0.28 right now. 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 0.57 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 89, putting it in the top 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.