Occidental Petroleum (NYSE:OXY) faced a -1.03% dip in its stock price during the recent trading session, closing at $59.42. This decline was in contrast to the performance of the broader market, with the S&P 500 showing a minor daily loss of 0.13%. Meanwhile, the Dow experienced a slight drop of 0.03%, and the tech-heavy Nasdaq saw a decrease of 0.12%.
Over the last month, Occidental Petroleum’s shares have declined by 8.43%. This performance lags behind the Oils-Energy sector, which experienced a 5.06% loss, as well as the broader S&P 500, which recorded a 5.53% decline.
Investors are keenly awaiting Occidental Petroleum’s upcoming earnings release. The company is expected to report earnings per share (EPS) of $0.95, representing a substantial 61.07% decrease compared to the same quarter last year. Additionally, the consensus estimate suggests revenue of $7.17 billion, indicating a 24.56% decline from the corresponding quarter in the previous year.
For the entire fiscal year, Zacks Consensus Estimates project earnings of $4 per share and revenue of $28.6 billion. These figures reflect changes of -57.22% and -22.9%, respectively, from the prior year.
Analysts’ recent revisions to estimates are significant, as they often mirror the latest short-term business trends. Positive changes in estimates typically signify analysts’ optimism regarding the company’s business prospects and profitability.
Occidental Petroleum currently has a Hold rating. The stock has delivered an average annual gain of +25%. Over the past month, there has been a 4.85% increase in the EPS estimate for Occidental Petroleum.
Valuation is another essential aspect to consider. Currently, Occidental Petroleum has a Forward P/E ratio of 15.01, slightly above its industry’s Forward P/E of 14.79.
Furthermore, OXY boasts a PEG ratio of 0.68, which resembles the commonly used P/E ratio but also factors in the company’s expected earnings growth. As of the latest trading session, the Oil and gas-integrated – United States industry had an average PEG ratio of 0.69.
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