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Here Are Reasons Why Occidental Petroleum Corporation (NYSE: OXY) Is A Great Choice Now

The trading price of Occidental Petroleum Corporation (NYSE:OXY) floating lower at last check on Wednesday, June 22, closing at $56.08, -3.09% lower than its previous close.

Traders who pay close attention to intraday price movement should know that it has been fluctuating between $56.4399 and $58.74. The company’s P/E ratio in the trailing 12-month period was 8.77, while its 5Y monthly beta was 2.09. In examining the 52-week price action we see that the stock hit a 52-week high of $74.04 and a 52-week low of $21.62. Over the past month, the stock has lost -9.52% in value.

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Occidental Petroleum Corporation, whose market valuation is $55.34 billion at the time of this writing, is expected to release its quarterly earnings report Feb 21, 2022 – Feb 25, 2022. The dividend yield on the company stock is 0.90%, while its Forward Dividend ratio is 0.52. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $2.64 per share this quarter, however they have predicted annual earnings per share of $9.06 for 2022 and $6.82 for 2023. It means analysts are expecting annual earnings per share growth of 255.30% this year and -24.70% next year.

Analysts have forecast the company to bring in revenue of $9.84 billion for the current quarter, with the likely lows of $8.57 billion and highs of $10.8 billion. The average estimate suggests sales will likely up by 63.70% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2022 is $36.64 billion. The company’s revenue is forecast to grow by 39.30% over what it did in 2022.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Occidental Petroleum Corporation 5 upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest OXY has a 50% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Buy, while an average of long term indicators suggests that the stock is currently 50% Buy.

If we dig deeper into the stock’s outlook, we see that the stock’s PEG is 0.37, which symbolizes a positive outlook. A quick review shows that OXY’s price is currently -14.15% off the SMA20 and -9.98% off the SMA50. The RSI metric on the 14-day chart is currently showing 37.22, and weekly volatility stands at 5.16%. When measured over the past 30 days, the indicator reaches 4.77%. Occidental Petroleum Corporation (NYSE:OXY)’s beta value is currently sitting at 1.92, while the Average True Range indicator is currently displaying 3.46. With analysts defining $52.00-$110.00 as the low and high price targets, we arrive at a consensus price target of $76.96 for the trailing 12-month period. The current price is about 7.28% off the estimated low and -96.15% off the forecast high, based on this estimate. Investors will be thrilled if OXY’s share price rises to $75.00, which is the median consensus price. At that level, OXY’s share price would be -33.74% below current price.

To see how Occidental Petroleum Corporation stock has been performing today in comparison to its peers in the industry, here are the numbers: OXY stock’s performance was -3.09% at last check in today’s session, and 96.17% in the past year, while Chevron Corporation (CVX) has been trading -2.47% in recent session and positioned 45.77% higher than it was a year ago. Another comparable company EOG Resources Inc. (EOG) saw its stock trading -3.16% lower in today’s session but was up 46.68% in a year. Furthermore, Pioneer Natural Resources Company (PXD) showed a decrease of -2.36% today while its price kept inclining at 57.25% over the past year. Occidental Petroleum Corporation has a P/E ratio of 8.77, compared to Chevron Corporation’s 14.54 and EOG Resources Inc.’s 15.70. Also during today’s trading, the S&P 500 Index has surged 0.43%, while the Dow Jones Industrial also saw a positive session, up 0.21% today.

An evaluation of the daily trading volume of Occidental Petroleum Corporation (NYSE:OXY) indicates that the 3-month average is 28.63 million.

Currently, records show that 936.70 million of the company’s shares remain outstanding. The insiders hold 0.20% of outstanding shares, whereas institutions hold 81.50%. However, since the stock’s price has seen 99.62% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.

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