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Why Occidental Petroleum (OXY) Outpaced the Stock Market Today
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Occidental Petroleum (OXY - Free Report) ended the recent trading session at $55.76, demonstrating a +1.77% swing from the preceding day's closing price. This change outpaced the S&P 500's 0.9% gain on the day. Meanwhile, the Dow experienced a rise of 0.81%, and the technology-dominated Nasdaq saw an increase of 1.22%.
Shares of the oil and gas exploration and production company witnessed a gain of 1.95% over the previous month, trailing the performance of the Oils-Energy sector with its gain of 5.22% and the S&P 500's gain of 3.15%.
The upcoming earnings release of Occidental Petroleum will be of great interest to investors. The company's earnings report is expected on November 12, 2024. The company is expected to report EPS of $0.87, down 26.27% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $7.56 billion, indicating a 2.2% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.49 per share and revenue of $28.08 billion, which would represent changes of -5.68% and -2.91%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Occidental Petroleum. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.83% decrease. As of now, Occidental Petroleum holds a Zacks Rank of #3 (Hold).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 15.72. This signifies a discount in comparison to the average Forward P/E of 16.05 for its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 196, putting it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Why Occidental Petroleum (OXY) Outpaced the Stock Market Today
Occidental Petroleum (OXY - Free Report) ended the recent trading session at $55.76, demonstrating a +1.77% swing from the preceding day's closing price. This change outpaced the S&P 500's 0.9% gain on the day. Meanwhile, the Dow experienced a rise of 0.81%, and the technology-dominated Nasdaq saw an increase of 1.22%.
Shares of the oil and gas exploration and production company witnessed a gain of 1.95% over the previous month, trailing the performance of the Oils-Energy sector with its gain of 5.22% and the S&P 500's gain of 3.15%.
The upcoming earnings release of Occidental Petroleum will be of great interest to investors. The company's earnings report is expected on November 12, 2024. The company is expected to report EPS of $0.87, down 26.27% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $7.56 billion, indicating a 2.2% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.49 per share and revenue of $28.08 billion, which would represent changes of -5.68% and -2.91%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Occidental Petroleum. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.83% decrease. As of now, Occidental Petroleum holds a Zacks Rank of #3 (Hold).
Looking at its valuation, Occidental Petroleum is holding a Forward P/E ratio of 15.72. This signifies a discount in comparison to the average Forward P/E of 16.05 for its industry.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 196, putting it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.