Occidental Shares Trail Major Indexes After Daily Drop

Occidental Petroleum shares closed at $56.10, down 1.34% in the latest trading session. The decline was steeper than the S&P 500’s 0.77% loss.

The Dow fell 0.67% and the Nasdaq dropped 0.92%. Over the past month, Occidental shares lost 3.79%, while the Oils-Energy sector gained 1.13% and the S&P 500 rose 0.96%.

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

For the full year, Zacks’ consensus forecasts earnings of $6.20 per share and revenue of $26.89 billion. Those figures would be increases of 180.54% and 5.71%, respectively, from the prior year.

Zacks reported that its consensus estimate for Occidental’s earnings per share rose 1.71% over the past 30 days. It also cited a forward price-to-earnings ratio of 9.18 for Occidental, compared with an industry average of 19.95.