Occidental Petroleum (OXY) closed the latest trading at $55.76, representing a +1.77% increase from its previous closing price. This change outpaced the S&P 500’s 0.9% rise on the day. Meanwhile, the Dow Jones Industrial Average rose 0.81% and the tech-heavy Nasdaq rose 1.22%.
Shares of the oil and gas exploration and production company rose 1.95% month-over-month, lagging the Oil and Energy sector’s 5.22% gain and the S&P 500’s gain of 3.15%.
Occidental Petroleum’s upcoming earnings release will be very interesting for investors. The company is scheduled to report earnings on November 12, 2024. The company’s EPS is expected to be $0.87, down 26.27% from the year-ago period. Also, our most recent consensus estimate is calling for revenue of $7.56 billion, up 2.2% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.49 per share and revenue of $28.08 billion, which would represent changes of -5.68% and -2.91%, respectively, from the prior year.
Additionally, investors should note any recent revisions to analyst estimates for Occidental Petroleum. These latest adjustments often reflect changes in short-term business patterns. As a result, positive estimate changes indicate analysts’ positive outlook for the company’s business health and profitability.
Empirical research shows that these estimate revisions are directly correlated with impending stock movements. We developed the Zacks Rank to take advantage of this phenomenon. Our system takes these estimate changes into account and provides a clear and actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), has a remarkable, third-party-audited track record of outperformance, with #1 rated stocks having an average annual Generates a return of +25%. Over the past 30 days, the Zacks Consensus EPS estimate has moved 4.83% lower. Occidental Petroleum currently has a Zacks Rank of #3 (Hold).
Looking at the valuation, Occidental Petroleum’s forward P/E ratio is 15.72. This represents a discount when compared to its industry’s average Forward P/E of 16.05.
The integrated oil and gas industry in the United States is part of the petroleum energy sector. This group has a Zacks Industry Rank of 196, which puts it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by determining the average Zacks Rank of the individual stocks that make up the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2:1.
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