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Why the Market Dipped But Occidental Petroleum (OXY) Gained Today

In the latest market close, Occidental Petroleum (OXY) reached $66.04, with a +0.09% movement compared to the previous day. The stock outpaced the S&P 500's daily loss of 0.22%. On the other hand, the Dow registered a gain of 0.06%, and the technology-centric Nasdaq decreased by 0.52%.

Prior to today's trading, shares of the oil and gas exploration and production company had gained 3.43% over the past month. This has outpaced the Oils-Energy sector's gain of 3.38% and the S&P 500's loss of 1.66% in that time.

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 forecasted to report an EPS of $0.62, showcasing a 43.12% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $6.73 billion, indicating a 7.31% downward movement from the same quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.74 per share and a revenue of $30.55 billion, indicating changes of +1.08% and +5.63%, respectively, from the former year.

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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 company's business health and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.79% increase. As of now, Occidental Petroleum holds a Zacks Rank of #3 (Hold).

In the context of valuation, Occidental Petroleum is at present trading with a Forward P/E ratio of 17.64. This represents a premium compared to its industry's average Forward P/E of 15.13.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 53, putting it in the top 22% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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