Occidental Petroleum (OXY) Advances While Market Declines: Some Information for Investors

The most recent trading session ended with Occidental Petroleum (OXY) standing at $47.65, reflecting a +0.83% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily loss of 1.07%. At the same time, the Dow lost 0.62%, and the tech-heavy Nasdaq lost 1.71%.The oil and gas exploration and production company's shares have seen a decrease of 1.66% over the last month, not keeping up with the Oils-Energy sector's loss of 1.46% and outstripping the S&P 500's loss of 7.03%.Investors will be eagerly watching for the performance of Occidental Petroleum in its upcoming earnings disclosure. On that day, Occidental Petroleum is projected to report earnings of $0.74 per share, which would represent year-over-year growth of 13.85%. Alongside, our most recent consensus estimate is anticipating revenue of $7.07 billion, indicating a 17.65% upward movement from the same quarter last year.For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $3.27 per share and a revenue of $29.46 billion, representing changes of -5.49% and +9.61%, respectively, from the prior year.Investors might also notice recent changes to 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.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 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. Over the past month, the Zacks Consensus EPS estimate has shifted 8.16% downward. Occidental Petroleum presently features a Zacks Rank of #3 (Hold).In the context of valuation, Occidental Petroleum is at present trading with a Forward P/E ratio of 14.44. For comparison, its industry has an average Forward P/E of 14.33, 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. At present, this industry carries a Zacks Industry Rank of 56, placing it within the top 23% of over 250 industries.The Zacks Industry Rank gauges the strength of our 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.To follow OXY in the coming trading sessions, be sure to utilize Zacks.com.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Occidental Petroleum Corporation (OXY): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks