Occidental Petroleum (OXY) Stock Dips While Market Gains: Key Facts

Occidental Petroleum (OXY) closed the latest trading day at $67.33, indicating a -0.09% change from the previous session's end. This change lagged the S&P 500's daily gain of 0.02%. Elsewhere, the Dow saw a downswing of 0.11%, while the tech-heavy Nasdaq appreciated by 0.1%.

The oil and gas exploration and production company's shares have seen an increase of 6.43% over the last month, surpassing the Oils-Energy sector's gain of 4.26% and the S&P 500's loss of 3.01%.

Market participants will be closely following the financial results of Occidental Petroleum in its upcoming release. The company plans to announce its earnings on May 7, 2024. The company is predicted to post an EPS of $0.58, indicating a 46.79% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $6.7 billion, indicating a 7.71% decline compared to the corresponding quarter of the prior year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.85 per share and a revenue of $30.73 billion, signifying shifts of +4.05% and +6.26%, 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 such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 8.12% higher. Currently, Occidental Petroleum is carrying a Zacks Rank of #3 (Hold).

In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 17.51. For comparison, its industry has an average Forward P/E of 15.38, which means Occidental Petroleum is trading at a premium to the group.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 41, which puts it in the top 17% of all 250+ industries.

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.

You can find more information on all of these metrics, and much 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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