Occidental Petroleum (NYSE:OXY) Given New $76.00 Price Target at Wells Fargo & Company

Occidental Petroleum (NYSE:OXY) had its target price lowered by Wells Fargo & Company from $82.00 to $76.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 32.88% from the company’s current price.

Several other equities research analysts have also commented on the company. Seaport Research Partners began coverage on Occidental Petroleum in a research note on Thursday, September 3rd. They set a “buy” rating and a $73.00 price target for the company. Stifel Nicolaus began coverage on shares of Occidental Petroleum in a research note on Thursday, September 10th. They issued a “hold” rating and a $68.00 target price on the stock. Piper Sandler assumed coverage on shares of Occidental Petroleum in a report on Tuesday, October 27th. They set a “neutral” rating and a $69.00 target price on the stock. BMO Capital Markets reiterated a “market perform” rating and issued a $68.00 price target on shares of Occidental Petroleum in a report on Wednesday, October 14th. Finally, Weiss Ratings raised Occidental Petroleum from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, October 13th. Twelve equities research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $67.62.

Occidental Petroleum Stock Up 0.5%

Occidental Petroleum stock opened at $57.20 on Wednesday. The company has a market capitalization of $57.18 billion, a P/E ratio of 7.69, a PEG ratio of 0.64 and a beta of 0.16. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.41. Occidental Petroleum has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. The stock has a 50-day simple moving average of $59.91 and a 200-day simple moving average of $56.42.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings results on Monday, November 9th. The oil and gas producer reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.45. The firm had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.82 billion. Occidental Petroleum had a return on equity of 19.19% and a net margin of 32.17%. The firm’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 EPS. Equities research analysts expect that Occidental Petroleum will post 6.83 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Berkshire Hathaway Inc acquired a new stake in shares of Occidental Petroleum during the second quarter valued at approximately $12,868,205,000. State Street Corp boosted its stake in Occidental Petroleum by 6.6% in the 2nd quarter. State Street Corp now owns 46,141,269 shares of the oil and gas producer’s stock worth $2,252,271,000 after purchasing an additional 2,870,472 shares during the period. Bank of New York Mellon Corp boosted its stake in Occidental Petroleum by 84.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock worth $516,975,000 after purchasing an additional 4,882,834 shares during the period. Amundi grew its position in Occidental Petroleum by 2.7% during the 1st quarter. Amundi now owns 2,979,380 shares of the oil and gas producer’s stock worth $193,660,000 after purchasing an additional 78,335 shares in the last quarter. Finally, Danske Bank A S purchased a new position in Occidental Petroleum during the 2nd quarter worth approximately $172,413,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

About Occidental Petroleum

Occidental Petroleum Corporation is an energy and chemicals company headquartered in Houston, Texas. Its oil and gas business explores for and produces crude oil, natural gas liquids and natural gas, with operations in the United States and international markets, including the Middle East and North Africa. Through its OxyChem business, Occidental manufactures and markets basic chemicals and vinyl products used in applications such as water treatment, construction and consumer goods. The company also develops carbon management and lower-carbon technology projects, including carbon capture and storage.