In the latest trading session, Occidental Petroleum (OXY) closed at $16.82, marking a -0.77% move from the previous day. This change was narrower than the S&P 500's 1.23% loss on the day. At the same time, the Dow lost 1.31%, and the tech-heavy Nasdaq lost 2.29%.
Prior to today's trading, shares of the oil and gas exploration and production company had lost 5.83% over the past month. This has lagged the Oils-Energy sector's loss of 0.18% and the S&P 500's gain of 5.2% in that time.
Wall Street will be looking for positivity from OXY as it approaches its next earnings report date. This is expected to be August 10, 2020. The company is expected to report EPS of -$1.60, down 264.95% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $3.95 billion, down 11.69% from the prior-year quarter.
OXY's full-year Zacks Consensus Estimates are calling for earnings of -$3.25 per share and revenue of $19.49 billion. These results would represent year-over-year changes of -324.14% and -8.21%, respectively.
Investors should also note any recent changes to analyst estimates for OXY. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 7.06% higher within the past month. OXY is currently sporting a Zacks Rank of #3 (Hold).
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 165, putting it in the bottom 36% of all 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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