Occidental Petroleum (OXY) closed the most recent trading day at $48.56, moving +0.75% from the previous trading session. The stock outpaced the S&P 500's daily loss of 1.11%. At the same time, the Dow lost 0.77%, and the tech-heavy Nasdaq lost 1.49%.

The oil and gas exploration and production company's stock has dropped by 4.21% in the past month, exceeding the Oils-Energy sector's loss of 8.07% and lagging the S&P 500's gain of 0.4%.

The investment community will be closely monitoring the performance of Occidental Petroleum in its forthcoming earnings report. In that report, analysts expect Occidental Petroleum to post earnings of $0.64 per share. This would mark a year-over-year decline of 13.51%. Meanwhile, the latest consensus estimate predicts the revenue to be $7.13 billion, indicating a 5.36% decrease compared to the same quarter of the previous year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.36 per share and revenue of $27.15 billion, indicating changes of -9.19% and -6.1%, respectively, compared to the previous year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Occidental Petroleum. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Occidental Petroleum is holding a Zacks Rank of #3 (Hold) right now.

Digging into valuation, Occidental Petroleum currently has a Forward P/E ratio of 14.35. This valuation marks a discount compared to its industry's average Forward P/E of 16.79.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 147, placing it within the bottom 42% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.