Occidental Petroleum (OXY) Stock Drops Despite Market Gains: Important Facts to Note

Occidental Petroleum (OXY) closed the most recent trading day at $43.95, moving -3.68% from the previous trading session. This move lagged the S&P 500's daily gain of 0.96%. Elsewhere, the Dow saw an upswing of 0.89%, while the tech-heavy Nasdaq appreciated by 0.94%. Prior to today's trading, shares of the oil and gas exploration and production company had gained 10.51% outpaced the Oils-Energy sector's gain of 6.67% and the S&P 500's gain of 0.5%.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 $0.38, showcasing a 63.11% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $6.45 billion, indicating a 6.28% downward movement from the same quarter last year. In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.21 per share and a revenue of $26.54 billion, indicating changes of -36.13% and -1.27%, respectively, from the former year. Investors should also note any recent changes to analyst estimates for Occidental Petroleum. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability. Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system. The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.65% lower. Occidental Petroleum is currently a Zacks Rank #3 (Hold). From a valuation perspective, Occidental Petroleum is currently exchanging hands at a Forward P/E ratio of 20.67. This indicates a premium in contrast to its industry's Forward P/E of 17.31. The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 178, which puts it in the bottom 28% of all 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. Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions. Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpWant 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