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Occidental Petroleum (OXY) Increases Yet Falls Behind Market: What Investors Need to Know
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The most recent trading session ended with Occidental Petroleum (OXY - Free Report) standing at $62.12, reflecting a +0.19% shift from the previouse trading day's closing. The stock lagged the S&P 500's daily gain of 0.64%. Elsewhere, the Dow gained 1.85%, while the tech-heavy Nasdaq added 0.2%.
Shares of the oil and gas exploration and production company witnessed a gain of 2.99% over the previous month, beating the performance of the Oils-Energy sector with its loss of 8% and underperforming the S&P 500's gain of 3.82%.
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. On that day, Occidental Petroleum is projected to report earnings of $0.93 per share, which would represent year-over-year growth of 36.76%. Our most recent consensus estimate is calling for quarterly revenue of $7.3 billion, up 8.52% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.90 per share and revenue of $29.62 billion, which would represent changes of +5.41% and +2.43%, respectively, from the prior year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 last 30 days, the Zacks Consensus EPS estimate has moved 0.18% higher. Right now, Occidental Petroleum possesses a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 15.9 right now. This expresses a discount compared to the average Forward P/E of 16.43 of its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 177, finds itself in the bottom 30% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Occidental Petroleum (OXY) Increases Yet Falls Behind Market: What Investors Need to Know
The most recent trading session ended with Occidental Petroleum (OXY - Free Report) standing at $62.12, reflecting a +0.19% shift from the previouse trading day's closing. The stock lagged the S&P 500's daily gain of 0.64%. Elsewhere, the Dow gained 1.85%, while the tech-heavy Nasdaq added 0.2%.
Shares of the oil and gas exploration and production company witnessed a gain of 2.99% over the previous month, beating the performance of the Oils-Energy sector with its loss of 8% and underperforming the S&P 500's gain of 3.82%.
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. On that day, Occidental Petroleum is projected to report earnings of $0.93 per share, which would represent year-over-year growth of 36.76%. Our most recent consensus estimate is calling for quarterly revenue of $7.3 billion, up 8.52% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.90 per share and revenue of $29.62 billion, which would represent changes of +5.41% and +2.43%, respectively, from the prior year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 last 30 days, the Zacks Consensus EPS estimate has moved 0.18% higher. Right now, Occidental Petroleum possesses a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 15.9 right now. This expresses a discount compared to the average Forward P/E of 16.43 of its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 177, finds itself in the bottom 30% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.