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Occidental Petroleum (OXY) closed the latest trading day at $61.41, indicating a +0.64% change from the previous session's end. The stock's performance was behind the S&P 500's daily gain of 1.02%. Meanwhile, the Dow experienced a rise of 1.09%, and the technology-dominated Nasdaq saw an increase of 1.18%.

Shares of the oil and gas exploration and production company witnessed a gain of 0.68% over the previous month, beating the performance of the Oils-Energy sector with its loss of 11.98% and underperforming the S&P 500's gain of 4.44%.

The investment community will be closely monitoring the performance of Occidental Petroleum in its forthcoming earnings report. The company is scheduled to release its earnings on August 7, 2024. The company is expected to report EPS of $0.94, up 38.24% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $7.3 billion, up 8.52% from the year-ago period.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.91 per share and a revenue of $29.62 billion, signifying shifts of +5.68% and +2.43%, respectively, from the last year.

Investors should also note any recent changes to analyst estimates for Occidental Petroleum. 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.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.71% higher within the past month. Currently, Occidental Petroleum is carrying a Zacks Rank of #3 (Hold).

Looking at valuation, Occidental Petroleum is presently trading at a Forward P/E ratio of 15.59. This valuation marks a discount compared to its industry's average Forward P/E of 15.69.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 159, positioning it in the bottom 37% 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.

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