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Occidental Petroleum (OXY) Stock Sinks As Market Gains: What You Should Know
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Occidental Petroleum (OXY - Free Report) closed the most recent trading day at $58.77, moving -0.71% from the previous trading session. This move lagged the S&P 500's daily gain of 0.69%. At the same time, the Dow added 0.43%, and the tech-heavy Nasdaq lost 8.94%.
Heading into today, shares of the oil and gas exploration and production company had gained 1.14% over the past month, lagging the Oils-Energy sector's gain of 2.52% and the S&P 500's gain of 5.41% in that time.
Wall Street will be looking for positivity from Occidental Petroleum as it approaches its next earnings report date. On that day, Occidental Petroleum is projected to report earnings of $1.15 per share, which would represent a year-over-year decline of 63.61%. Meanwhile, our latest consensus estimate is calling for revenue of $7.42 billion, down 30.92% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.09 per share and revenue of $30.3 billion, which would represent changes of -45.56% and -18.31%, respectively, from the prior year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 6.98% lower. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is currently trading at a Forward P/E ratio of 11.63. For comparison, its industry has an average Forward P/E of 13.69, which means Occidental Petroleum is trading at a discount to the group.
Also, we should mention that OXY has a PEG ratio of 0.53. 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. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.88 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 170, putting it in the bottom 33% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Occidental Petroleum (OXY) Stock Sinks As Market Gains: What You Should Know
Occidental Petroleum (OXY - Free Report) closed the most recent trading day at $58.77, moving -0.71% from the previous trading session. This move lagged the S&P 500's daily gain of 0.69%. At the same time, the Dow added 0.43%, and the tech-heavy Nasdaq lost 8.94%.
Heading into today, shares of the oil and gas exploration and production company had gained 1.14% over the past month, lagging the Oils-Energy sector's gain of 2.52% and the S&P 500's gain of 5.41% in that time.
Wall Street will be looking for positivity from Occidental Petroleum as it approaches its next earnings report date. On that day, Occidental Petroleum is projected to report earnings of $1.15 per share, which would represent a year-over-year decline of 63.61%. Meanwhile, our latest consensus estimate is calling for revenue of $7.42 billion, down 30.92% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $5.09 per share and revenue of $30.3 billion, which would represent changes of -45.56% and -18.31%, respectively, from the prior year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 6.98% lower. Occidental Petroleum is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is currently trading at a Forward P/E ratio of 11.63. For comparison, its industry has an average Forward P/E of 13.69, which means Occidental Petroleum is trading at a discount to the group.
Also, we should mention that OXY has a PEG ratio of 0.53. 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. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.88 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 170, putting it in the bottom 33% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.