Occidental Petroleum (NYSE:OXY) Price Target Lowered to $42.00 at Wells Fargo & Company

Occidental Petroleum (NYSE:OXY) had its price objective decreased by equities researchers at Wells Fargo & Company from $49.00 to $42.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 8.56% from the stock’s current price.

A number of other research firms have also recently issued reports on OXY. Truist Financial boosted their target price on Occidental Petroleum from $56.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, January 13th. Roth Capital set a $54.00 price objective on shares of Occidental Petroleum in a research report on Thursday, January 23rd. The Goldman Sachs Group cut Occidental Petroleum from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $54.00 to $45.00 in a research report on Friday, January 31st. Citigroup decreased their target price on shares of Occidental Petroleum from $56.00 to $51.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Finally, Morgan Stanley set a $58.00 target price on Occidental Petroleum and gave the company an “overweight” rating in a research report on Wednesday, March 26th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and an average price target of $55.33.

Occidental Petroleum Trading Down 2.6 %

NYSE:OXY traded down $1.02 on Monday, hitting $38.69. 1,944,494 shares of the stock were exchanged, compared to its average volume of 10,801,662. The stock has a market capitalization of $36.36 billion, a price-to-earnings ratio of 15.86 and a beta of 1.02. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.76 and a current ratio of 0.95. Occidental Petroleum has a 52 week low of $34.79 and a 52 week high of $68.43. The company’s 50-day moving average price is $45.57 and its 200 day moving average price is $48.55.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, February 18th. The oil and gas producer reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. The firm had revenue of $6.84 billion during the quarter, compared to analyst estimates of $7.14 billion. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.33%. On average, equities research analysts forecast that Occidental Petroleum will post 3.58 earnings per share for the current year.

Insider Activity at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc acquired 763,017 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was bought at an average cost of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the transaction, the insider now directly owns 264,941,431 shares in the company, valued at $12,404,557,799.42. This represents a 0.29 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Occidental Petroleum

A number of large investors have recently bought and sold shares of the stock. Altshuler Shaham Ltd acquired a new stake in shares of Occidental Petroleum in the 4th quarter worth about $26,000. VSM Wealth Advisory LLC bought a new stake in Occidental Petroleum during the fourth quarter worth $27,000. Whipplewood Advisors LLC purchased a new position in Occidental Petroleum during the 4th quarter worth $27,000. Bernard Wealth Management Corp. bought a new position in shares of Occidental Petroleum during the fourth quarter valued at about $32,000. Finally, Grove Bank & Trust grew its position in Occidental Petroleum by 129.2% in the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer’s stock worth $36,000 after purchasing an additional 407 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

About Occidental Petroleum

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