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Occidental Petroleum (OXY) Stock Moves -0.12%: What You Should Know
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Occidental Petroleum (OXY - Free Report) ended the recent trading session at $50.11, demonstrating a -0.12% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 1.86%. Meanwhile, the Dow experienced a drop of 0.9%, and the technology-dominated Nasdaq saw a decrease of 2.76%.
Prior to today's trading, shares of the oil and gas exploration and production company had lost 6.12% over the past month. This has lagged the Oils-Energy sector's loss of 0.42% and the S&P 500's gain of 1.01% 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. 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%. Meanwhile, the latest consensus estimate predicts the revenue to be $7.47 billion, indicating a 0.98% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.29 per share and revenue of $27.85 billion, which would represent changes of -11.08% and -3.71%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Occidental Petroleum. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
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. Over the past month, the Zacks Consensus EPS estimate has shifted 5.47% downward. Occidental Petroleum currently has a Zacks Rank of #4 (Sell).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 15.23 right now. This indicates a discount in contrast to its industry's Forward P/E of 17.59.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 201, this industry ranks in the bottom 21% of all industries, numbering over 250.
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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Occidental Petroleum (OXY) Stock Moves -0.12%: What You Should Know
Occidental Petroleum (OXY - Free Report) ended the recent trading session at $50.11, demonstrating a -0.12% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 1.86%. Meanwhile, the Dow experienced a drop of 0.9%, and the technology-dominated Nasdaq saw a decrease of 2.76%.
Prior to today's trading, shares of the oil and gas exploration and production company had lost 6.12% over the past month. This has lagged the Oils-Energy sector's loss of 0.42% and the S&P 500's gain of 1.01% 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. 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%. Meanwhile, the latest consensus estimate predicts the revenue to be $7.47 billion, indicating a 0.98% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.29 per share and revenue of $27.85 billion, which would represent changes of -11.08% and -3.71%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Occidental Petroleum. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
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. Over the past month, the Zacks Consensus EPS estimate has shifted 5.47% downward. Occidental Petroleum currently has a Zacks Rank of #4 (Sell).
Valuation is also important, so investors should note that Occidental Petroleum has a Forward P/E ratio of 15.23 right now. This indicates a discount in contrast to its industry's Forward P/E of 17.59.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 201, this industry ranks in the bottom 21% of all industries, numbering over 250.
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.