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Why Occidental Petroleum (OXY) Might Surprise This Earnings Season
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Investors are always looking for stocks that are poised to beat at earnings season and Occidental Petroleum Corporation (OXY - Free Report) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.
That is because Occidental Petroleum is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of some favorable trends underneath the surface for OXY in this report.
In fact, the Most Accurate Estimate for the current quarter is currently at $1.27 per share for OXY, compared to a broader Zacks Consensus Estimate of $1.24 per share. This suggests that analysts have very recently bumped up their estimates for OXY, giving the stock a Zacks Earnings ESP of +1.75% heading into earnings season.
Occidental Petroleum Corporation Price and EPS Surprise
A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises and outperforming the market. Our recent 10-year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).
Clearly, recent earnings estimate revisions suggest that good things are ahead for Occidental Petroleum, and that a beat might be in the cards for the upcoming report.
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It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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Why Occidental Petroleum (OXY) Might Surprise This Earnings Season
Investors are always looking for stocks that are poised to beat at earnings season and Occidental Petroleum Corporation (OXY - Free Report) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.
That is because Occidental Petroleum is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good indicator of some favorable trends underneath the surface for OXY in this report.
In fact, the Most Accurate Estimate for the current quarter is currently at $1.27 per share for OXY, compared to a broader Zacks Consensus Estimate of $1.24 per share. This suggests that analysts have very recently bumped up their estimates for OXY, giving the stock a Zacks Earnings ESP of +1.75% heading into earnings season.
Occidental Petroleum Corporation Price and EPS Surprise
Occidental Petroleum Corporation Price and EPS Surprise | Occidental Petroleum Corporation Quote
Why is this Important?
A positive reading for the Zacks Earnings ESP has proven to be very powerful in producing both positive surprises and outperforming the market. Our recent 10-year backtest shows that stocks that have a positive Earnings ESP and a Zacks Rank #3 (Hold) or better show a positive surprise nearly 70% of the time, and have returned over 28% on average in annual returns (see more Top Earnings ESP stocks here).
Given that OXY has a Zacks Rank #2 (Hold) and an ESP in positive territory, investors might want to consider this stock ahead of earnings. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Clearly, recent earnings estimate revisions suggest that good things are ahead for Occidental Petroleum, and that a beat might be in the cards for the upcoming report.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>