Occidental Shares Slide 2.07% as Investors Await Earnings

Occidental Petroleum fell 2.07% to close at $54.94 in the latest trading session. The decline was steeper than the S&P 500’s 0.17% drop; the Dow lost 0.26% and the Nasdaq fell 0.09%.

Over the past month, Occidental shares have dropped 6.78%. The Oils-Energy sector gained 0.04% over that period, while the S&P 500 lost 0.24%.

Ahead of the company’s upcoming earnings release, Zacks consensus estimates project quarterly earnings of $1.37 per share, up 114.06% from a year earlier. Revenue is forecast at $6.61 billion, down 1.58%.

For the full year, Zacks estimates earnings of $6.20 per share and revenue of $26.89 billion. Those figures would represent year-over-year increases of 180.54% and 5.71%, respectively.

Zacks said its consensus estimate for Occidental’s earnings per share rose 1.71% over the past month. Its valuation figures put the company’s forward price-to-earnings ratio at 9.05, compared with an industry average of 19.83.