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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 $60.95, moving -1.36% from the previous trading session. This change lagged the S&P 500's daily gain of 0.1%. Meanwhile, the Dow experienced a drop of 0.08%, and the technology-dominated Nasdaq saw an increase of 0.28%.
Shares of the oil and gas exploration and production company have appreciated by 3.88% over the course of the past month, outperforming the Oils-Energy sector's gain of 0.75% and lagging the S&P 500's gain of 4.08%.
Investors will be eagerly watching for the performance of Occidental Petroleum in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 7, 2024. The company's upcoming EPS is projected at $0.94, signifying a 38.24% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.3 billion, up 8.52% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.88 per share and revenue of $29.62 billion, which would represent changes of +4.86% and +2.43%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.12% lower. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Occidental Petroleum's current valuation metrics, including its Forward P/E ratio of 15.92. For comparison, its industry has an average Forward P/E of 16.21, which means Occidental Petroleum is trading at a discount to the group.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 159, this industry ranks in the bottom 37% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) Stock Sinks As Market Gains: What You Should Know
Occidental Petroleum (OXY - Free Report) closed the most recent trading day at $60.95, moving -1.36% from the previous trading session. This change lagged the S&P 500's daily gain of 0.1%. Meanwhile, the Dow experienced a drop of 0.08%, and the technology-dominated Nasdaq saw an increase of 0.28%.
Shares of the oil and gas exploration and production company have appreciated by 3.88% over the course of the past month, outperforming the Oils-Energy sector's gain of 0.75% and lagging the S&P 500's gain of 4.08%.
Investors will be eagerly watching for the performance of Occidental Petroleum in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 7, 2024. The company's upcoming EPS is projected at $0.94, signifying a 38.24% increase compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.3 billion, up 8.52% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.88 per share and revenue of $29.62 billion, which would represent changes of +4.86% and +2.43%, respectively, from the prior year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.12% lower. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Occidental Petroleum's current valuation metrics, including its Forward P/E ratio of 15.92. For comparison, its industry has an average Forward P/E of 16.21, which means Occidental Petroleum is trading at a discount to the group.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 159, this industry ranks in the bottom 37% of all industries, numbering over 250.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.