Wells Fargo & Co Cuts Occidental Petroleum (NYSE:OXY) Price Target to $48.00

Occidental Petroleum (NYSE:OXY) had its target price dropped by analysts at Wells Fargo & Co from $53.00 to $48.00 in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The firm presently has a “market perform” rating on the oil and gas producer’s stock. Wells Fargo & Co‘s price objective indicates a potential upside of 5.31% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Occidental Petroleum from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. Argus lowered Occidental Petroleum from a “buy” rating to a “hold” rating and set a $54.61 price objective on the stock. in a report on Thursday, May 16th. Jefferies Financial Group lowered Occidental Petroleum from a “buy” rating to a “hold” rating and decreased their price target for the company from $74.00 to $66.00 in a research note on Monday, April 29th. Royal Bank of Canada lifted their price objective on Occidental Petroleum to $76.00 in a research report on Tuesday, May 7th. Finally, KeyCorp downgraded Occidental Petroleum from an “overweight” rating to a “sector weight” rating in a research report on Wednesday, April 24th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $67.56.

Occidental Petroleum stock opened at $45.58 on Friday. The company has a current ratio of 1.20, a quick ratio of 1.00 and a debt-to-equity ratio of 0.50. The stock has a market cap of $33.35 billion, a P/E ratio of 9.10, a price-to-earnings-growth ratio of 2.56 and a beta of 0.82. Occidental Petroleum has a 52 week low of $43.08 and a 52 week high of $83.35. The stock has a 50 day moving average of $49.37 and a 200-day moving average of $57.43.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Wednesday, July 31st. The oil and gas producer reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.91 by $0.06. Occidental Petroleum had a return on equity of 17.06% and a net margin of 19.65%. The company had revenue of $4.48 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same period last year, the company earned $1.10 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. As a group, equities analysts predict that Occidental Petroleum will post 3.48 earnings per share for the current fiscal year.

In related news, Director Avedick Baruyr Poladian purchased 5,000 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, June 12th. The shares were acquired at an average price of $48.77 per share, with a total value of $243,850.00. Following the completion of the transaction, the director now directly owns 60,319 shares of the company’s stock, valued at approximately $2,941,757.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Cedric W. Burgher purchased 2,500 shares of Occidental Petroleum stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average cost of $43.27 per share, for a total transaction of $108,175.00. Following the transaction, the chief financial officer now directly owns 79,342 shares of the company’s stock, valued at $3,433,128.34. The disclosure for this purchase can be found here. Insiders have purchased 109,160 shares of company stock worth $5,246,126 in the last three months. 0.15% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of OXY. Harvest Group Wealth Management LLC bought a new position in shares of Occidental Petroleum in the 1st quarter worth about $34,000. Mizuho Securities Co. Ltd. purchased a new position in shares of Occidental Petroleum in the 2nd quarter worth approximately $30,000. Cornerstone Advisors Inc. boosted its stake in shares of Occidental Petroleum by 110.9% in the 1st quarter. Cornerstone Advisors Inc. now owns 694 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 365 shares during the last quarter. Meridian Wealth Management LLC purchased a new position in shares of Occidental Petroleum in the 1st quarter worth approximately $46,000. Finally, TRUE Private Wealth Advisors purchased a new position in shares of Occidental Petroleum in the 2nd quarter worth approximately $36,000. 80.49% of the stock is currently owned by hedge funds and other institutional investors.

Occidental Petroleum Company Profile

Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.

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Analyst Recommendations for Occidental Petroleum (NYSE:OXY)

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