Occidental Petroleum (OXY) Rises As Market Takes a Dip: Key Facts

Occidental Petroleum (OXY) closed the most recent trading day at $60.05, moving +0.57% from the previous trading session. The stock outperformed the S&P 500, which registered a daily loss of 0.57%. Elsewhere, the Dow gained 0.07%, while the tech-heavy Nasdaq lost 1.64%.

The the stock of oil and gas exploration and production company has risen by 3.2% in the past month, leading the Oils-Energy sector's gain of 0.24% and undershooting the S&P 500's gain of 4%.

The upcoming earnings release of Occidental Petroleum will be of great interest to investors. The company's earnings per share (EPS) are projected to be $1.10, reflecting a 31.68% decrease from the same quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $7.45 billion, indicating a 10.54% downward movement from the same quarter last year.

Investors should also take note of any recent adjustments to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.4% lower. Occidental Petroleum is currently a Zacks Rank #3 (Hold).

Digging into valuation, Occidental Petroleum currently has a Forward P/E ratio of 11.05. This denotes a discount relative to the industry's average Forward P/E of 11.35.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 176, placing it within the bottom 31% of over 250 industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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