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Occidental Petroleum (OXY) Ascends While Market Falls: Some Facts to Note
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Occidental Petroleum (OXY - Free Report) closed the latest trading day at $60.27, indicating a +0.15% change from the previous session's end. The stock's change was more than the S&P 500's daily loss of 0.5%. On the other hand, the Dow registered a gain of 0.5%, and the technology-centric Nasdaq decreased by 1.28%.
Prior to today's trading, shares of the oil and gas exploration and production company had lost 4.29% over the past month. This has was narrower than the Oils-Energy sector's loss of 10.92% and lagged the S&P 500's gain of 0.1% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Occidental Petroleum in its upcoming earnings disclosure. The company's earnings report is set to go public on August 7, 2024. The company is predicted to post an EPS of $0.80, indicating a 17.65% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.18 billion, up 6.62% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $3.66 per share and revenue of $29.27 billion. These totals would mark changes of -1.08% and +1.21%, respectively, from last year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
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.
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. The Zacks Consensus EPS estimate has moved 5.75% lower within the past month. Occidental Petroleum presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 16.45. This indicates a discount in contrast to its industry's Forward P/E of 16.69.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 105, finds itself in the top 42% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Occidental Petroleum (OXY) Ascends While Market Falls: Some Facts to Note
Occidental Petroleum (OXY - Free Report) closed the latest trading day at $60.27, indicating a +0.15% change from the previous session's end. The stock's change was more than the S&P 500's daily loss of 0.5%. On the other hand, the Dow registered a gain of 0.5%, and the technology-centric Nasdaq decreased by 1.28%.
Prior to today's trading, shares of the oil and gas exploration and production company had lost 4.29% over the past month. This has was narrower than the Oils-Energy sector's loss of 10.92% and lagged the S&P 500's gain of 0.1% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Occidental Petroleum in its upcoming earnings disclosure. The company's earnings report is set to go public on August 7, 2024. The company is predicted to post an EPS of $0.80, indicating a 17.65% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.18 billion, up 6.62% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $3.66 per share and revenue of $29.27 billion. These totals would mark changes of -1.08% and +1.21%, respectively, from last year.
Any recent changes to analyst estimates for Occidental Petroleum should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
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.
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. The Zacks Consensus EPS estimate has moved 5.75% lower within the past month. Occidental Petroleum presently features a Zacks Rank of #3 (Hold).
In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 16.45. This indicates a discount in contrast to its industry's Forward P/E of 16.69.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 105, finds itself in the top 42% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.