Well, black smoke obviously indicates that it's running very rich, so a leaky injector, bad fuel pressure regulator (or its gaskets), bad O2 sensor or an ignition issue are all possibilities. An injector should spray a fine cone mist and no dribble, and when shut off, there should be no dribble, or loss of pressure for at least 10 minutes.
What brand of O2 sensor did you use? Any issues installing it? Did you make sure not to get any anti-seize compound at all on the sensor tip? (That ruins them very quickly.)
Any current fault codes?