Why Occidental Petroleum Corporation (OXY) Could Be Positioned For A Surge

Occidental Petroleum Corporation (NYSE:OXY) is an explorer and developer of oil and gas properties that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on OXY’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Occidental Petroleum could be a solid choice for investors.

Current Quarter Estimates for OXY

In the past 60 days, three estimates have gone higher for Occidental Petroleum while one has gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 28 cents a share 60 days ago, to 33 cents a share today, a move of 17.9%.

Current Year Estimates for OXY

Meanwhile, Occidental Petroleum’s current year figures are also looking quite promising, with five estimates moving higher in the past two months, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 72 cents per share 60 days ago to 80 cents per share today, a move of 11.1%.

Occidental Petroleum Corporation Price and EPS Surprise

Occidental Petroleum Corporation Price and EPS Surprise | Occidental Petroleum Corporation Quote

Bottom Line

The stock has also started to move higher lately, adding 16.2% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #1 (Strong Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank stocks here.

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