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Occidental Petroleum (OXY) Advances While Market Declines: Some Information for Investors
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Occidental Petroleum (OXY - Free Report) closed at $51.58 in the latest trading session, marking a +0.45% move from the prior day. The stock outperformed the S&P 500, which registered a daily loss of 0.03%. Elsewhere, the Dow lost 0.61%, while the tech-heavy Nasdaq added 0.56%.
Prior to today's trading, shares of the oil and gas exploration and production company had gained 2.89% over the past month. This has outpaced the Oils-Energy sector's loss of 10.96% and the S&P 500's gain of 1.39% in that time.
The investment community will be closely monitoring the performance of Occidental Petroleum in its forthcoming earnings report. The company is scheduled to release its earnings on November 12, 2024. In that report, analysts expect Occidental Petroleum to post earnings of $0.81 per share. This would mark a year-over-year decline of 31.36%. Our most recent consensus estimate is calling for quarterly revenue of $7.53 billion, up 1.74% from the year-ago period.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $3.31 per share and revenue of $28.05 billion. These results would represent year-over-year changes of -10.54% and -3.02%, 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 7.49% decrease. At present, Occidental Petroleum boasts a Zacks Rank of #4 (Sell).
In terms of valuation, Occidental Petroleum is currently trading at a Forward P/E ratio of 15.53. This valuation marks a discount compared to its industry's average Forward P/E of 17.59.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 209, which puts it in the bottom 18% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within 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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Occidental Petroleum (OXY) Advances While Market Declines: Some Information for Investors
Occidental Petroleum (OXY - Free Report) closed at $51.58 in the latest trading session, marking a +0.45% move from the prior day. The stock outperformed the S&P 500, which registered a daily loss of 0.03%. Elsewhere, the Dow lost 0.61%, while the tech-heavy Nasdaq added 0.56%.
Prior to today's trading, shares of the oil and gas exploration and production company had gained 2.89% over the past month. This has outpaced the Oils-Energy sector's loss of 10.96% and the S&P 500's gain of 1.39% in that time.
The investment community will be closely monitoring the performance of Occidental Petroleum in its forthcoming earnings report. The company is scheduled to release its earnings on November 12, 2024. In that report, analysts expect Occidental Petroleum to post earnings of $0.81 per share. This would mark a year-over-year decline of 31.36%. Our most recent consensus estimate is calling for quarterly revenue of $7.53 billion, up 1.74% from the year-ago period.
OXY's full-year Zacks Consensus Estimates are calling for earnings of $3.31 per share and revenue of $28.05 billion. These results would represent year-over-year changes of -10.54% and -3.02%, 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. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 7.49% decrease. At present, Occidental Petroleum boasts a Zacks Rank of #4 (Sell).
In terms of valuation, Occidental Petroleum is currently trading at a Forward P/E ratio of 15.53. This valuation marks a discount compared to its industry's average Forward P/E of 17.59.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 209, which puts it in the bottom 18% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within 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.