We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Here's Why Occidental Petroleum (OXY) Fell More Than Broader Market
Read MoreHide Full Article
In the latest market close, Occidental Petroleum (OXY - Free Report) reached $60.41, with a -1.31% movement compared to the previous day. This move lagged the S&P 500's daily loss of 0.16%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.06%.
The oil and gas exploration and production company's shares have seen a decrease of 3.23% over the last month, surpassing the Oils-Energy sector's loss of 7.84% and falling behind the S&P 500's gain of 1.96%.
The investment community will be paying close attention to the earnings performance of Occidental Petroleum in its upcoming release. The company is slated to reveal its earnings on August 7, 2024. The company is forecasted to report an EPS of $0.86, showcasing a 26.47% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $7.2 billion, indicating a 7.01% growth compared to the corresponding quarter of the prior year.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $3.82 per share and revenue of $29.31 billion. These results would represent year-over-year changes of +3.24% and +1.34%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Occidental Petroleum. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
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, there's been a 1.65% fall in the Zacks Consensus EPS estimate. Currently, Occidental Petroleum is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 16.04. This signifies a discount in comparison to the average Forward P/E of 16.69 for its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 100, this industry ranks in the top 40% of all industries, numbering over 250.
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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Here's Why Occidental Petroleum (OXY) Fell More Than Broader Market
In the latest market close, Occidental Petroleum (OXY - Free Report) reached $60.41, with a -1.31% movement compared to the previous day. This move lagged the S&P 500's daily loss of 0.16%. At the same time, the Dow lost 0.14%, and the tech-heavy Nasdaq lost 0.06%.
The oil and gas exploration and production company's shares have seen a decrease of 3.23% over the last month, surpassing the Oils-Energy sector's loss of 7.84% and falling behind the S&P 500's gain of 1.96%.
The investment community will be paying close attention to the earnings performance of Occidental Petroleum in its upcoming release. The company is slated to reveal its earnings on August 7, 2024. The company is forecasted to report an EPS of $0.86, showcasing a 26.47% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $7.2 billion, indicating a 7.01% growth compared to the corresponding quarter of the prior year.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $3.82 per share and revenue of $29.31 billion. These results would represent year-over-year changes of +3.24% and +1.34%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Occidental Petroleum. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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.
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, there's been a 1.65% fall in the Zacks Consensus EPS estimate. Currently, Occidental Petroleum is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 16.04. This signifies a discount in comparison to the average Forward P/E of 16.69 for its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 100, this industry ranks in the top 40% of all industries, numbering over 250.
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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.