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Occidental Petroleum (OXY) closed the most recent trading day at $45.36, moving -1.43% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.09%. On the other hand, the Dow registered a gain of 0.04%, and the technology-centric Nasdaq decreased by 0.1%.
Shares of the oil and gas exploration and production company witnessed a loss of 9.61% over the previous month, trailing the performance of the Oils-Energy sector with its loss of 9.43% and the S&P 500's loss of 0.29%.
The investment community will be paying close attention to the earnings performance of Occidental Petroleum in its upcoming release. The company is forecasted to report an EPS of $0.63, showcasing a 14.86% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $7.11 billion, down 5.56% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.35 per share and a revenue of $27.14 billion, signifying shifts of -9.46% and -6.16%, respectively, from the last year.
Investors should also pay attention to any latest changes in analyst estimates for Occidental Petroleum. These revisions typically reflect the latest short-term business trends, which can change frequently. 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 utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
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 2.05% increase. Occidental Petroleum is currently a Zacks Rank #3 (Hold).
With respect to valuation, Occidental Petroleum is currently being traded at a Forward P/E ratio of 13.72. This denotes a discount relative to the industry's average Forward P/E of 16.01.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 183, putting it in the bottom 28% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.