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Occidental Petroleum (OXY) Ascends But Remains Behind Market: Some Facts to Note
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Occidental Petroleum (OXY - Free Report) ended the recent trading session at $54.76, demonstrating a +0.35% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 0.61% for the day. Elsewhere, the Dow saw an upswing of 0.97%, while the tech-heavy Nasdaq appreciated by 0.33%.
Heading into today, shares of the oil and gas exploration and production company had gained 7.02% over the past month, outpacing the Oils-Energy sector's loss of 2.26% and the S&P 500's gain of 5.36% in that time.
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 November 12, 2024. The company is forecasted to report an EPS of $0.87, showcasing a 26.27% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.56 billion, up 2.2% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.48 per share and a revenue of $28.08 billion, signifying shifts of -5.95% and -2.91%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Occidental Petroleum. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 6.15% lower. As of now, Occidental Petroleum holds a Zacks Rank of #3 (Hold).
Digging into valuation, Occidental Petroleum currently has a Forward P/E ratio of 15.67. This denotes no noticeable deviation relative to the industry's average Forward P/E of 15.67.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 199, putting it in the bottom 22% of all 250+ industries.
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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Occidental Petroleum (OXY) Ascends But Remains Behind Market: Some Facts to Note
Occidental Petroleum (OXY - Free Report) ended the recent trading session at $54.76, demonstrating a +0.35% swing from the preceding day's closing price. The stock fell short of the S&P 500, which registered a gain of 0.61% for the day. Elsewhere, the Dow saw an upswing of 0.97%, while the tech-heavy Nasdaq appreciated by 0.33%.
Heading into today, shares of the oil and gas exploration and production company had gained 7.02% over the past month, outpacing the Oils-Energy sector's loss of 2.26% and the S&P 500's gain of 5.36% in that time.
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 November 12, 2024. The company is forecasted to report an EPS of $0.87, showcasing a 26.27% downward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.56 billion, up 2.2% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.48 per share and a revenue of $28.08 billion, signifying shifts of -5.95% and -2.91%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Occidental Petroleum. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 6.15% lower. As of now, Occidental Petroleum holds a Zacks Rank of #3 (Hold).
Digging into valuation, Occidental Petroleum currently has a Forward P/E ratio of 15.67. This denotes no noticeable deviation relative to the industry's average Forward P/E of 15.67.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 199, putting it in the bottom 22% of all 250+ industries.
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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.