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

Occidental Petroleum (OXY) closed the most recent trading day at $68.55, moving -0.26% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 0.15% for the day. Meanwhile, the Dow experienced a drop of 0.02%, and the technology-dominated Nasdaq saw an increase of 0.32%.

Prior to today's trading, shares of the oil and gas exploration and production company had gained 11.72% over the past month. This has outpaced the Oils-Energy sector's gain of 8.57% and the S&P 500's gain of 1.65% 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. On that day, Occidental Petroleum is projected to report earnings of $0.63 per share, which would represent a year-over-year decline of 42.2%. Meanwhile, the latest consensus estimate predicts the revenue to be $6.79 billion, indicating a 6.41% decrease compared to the same quarter of the previous year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.72 per share and a revenue of $30.49 billion, signifying shifts of +0.54% and +5.42%, respectively, from the last year.

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Investors might also notice recent changes to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.43% higher. At present, Occidental Petroleum boasts a Zacks Rank of #3 (Hold).

In terms of valuation, Occidental Petroleum is presently being traded at a Forward P/E ratio of 18.45. This signifies a premium in comparison to the average Forward P/E of 15.51 for its industry.

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 100, placing it within the top 40% 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.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report

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