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Occidental Petroleum (OXY) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Occidental Petroleum (OXY - Free Report) closed at $60.38, marking a -1.61% move from the previous day. This change lagged the S&P 500's 1.61% gain on the day. Meanwhile, the Dow gained 1.45%, and the Nasdaq, a tech-heavy index, added 0.36%.
Coming into today, shares of the oil and gas exploration and production company had gained 0.67% in the past month. In that same time, the Oils-Energy sector gained 9.22%, while the S&P 500 lost 1.42%.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be May 10, 2022. In that report, analysts expect Occidental Petroleum to post earnings of $1.69 per share. This would mark year-over-year growth of 1226.67%. Our most recent consensus estimate is calling for quarterly revenue of $7.52 billion, up 37.33% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.08 per share and revenue of $32.64 billion, which would represent changes of +216.86% and +24.02%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Occidental Petroleum. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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 61.27% higher. Occidental Petroleum is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 7.6. For comparison, its industry has an average Forward P/E of 12.99, which means Occidental Petroleum is trading at a discount to the group.
It is also worth noting that OXY currently has a PEG ratio of 0.23. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 0.41 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 6, putting it in the top 3% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Occidental Petroleum (OXY) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Occidental Petroleum (OXY - Free Report) closed at $60.38, marking a -1.61% move from the previous day. This change lagged the S&P 500's 1.61% gain on the day. Meanwhile, the Dow gained 1.45%, and the Nasdaq, a tech-heavy index, added 0.36%.
Coming into today, shares of the oil and gas exploration and production company had gained 0.67% in the past month. In that same time, the Oils-Energy sector gained 9.22%, while the S&P 500 lost 1.42%.
Investors will be hoping for strength from Occidental Petroleum as it approaches its next earnings release, which is expected to be May 10, 2022. In that report, analysts expect Occidental Petroleum to post earnings of $1.69 per share. This would mark year-over-year growth of 1226.67%. Our most recent consensus estimate is calling for quarterly revenue of $7.52 billion, up 37.33% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $8.08 per share and revenue of $32.64 billion, which would represent changes of +216.86% and +24.02%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Occidental Petroleum. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
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 61.27% higher. Occidental Petroleum is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 7.6. For comparison, its industry has an average Forward P/E of 12.99, which means Occidental Petroleum is trading at a discount to the group.
It is also worth noting that OXY currently has a PEG ratio of 0.23. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Integrated - United States industry currently had an average PEG ratio of 0.41 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 6, putting it in the top 3% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.