Wells Fargo & Company Cuts Occidental Petroleum (NYSE:OXY) Price Target to $40.00

Occidental Petroleum (NYSE:OXY) had its price target decreased by stock analysts at Wells Fargo & Company from $42.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 4.29% from the stock’s previous close.

OXY has been the topic of a number of other research reports. UBS Group cut their price objective on shares of Occidental Petroleum from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Friday, October 3rd. Piper Sandler reduced their target price on shares of Occidental Petroleum from $50.00 to $47.00 and set a “neutral” rating for the company in a research note on Tuesday, October 21st. Melius initiated coverage on shares of Occidental Petroleum in a report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price target for the company. Hsbc Global Res raised Occidental Petroleum from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Finally, Melius Research began coverage on Occidental Petroleum in a report on Wednesday, August 20th. They issued a “hold” rating and a $64.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, fourteen have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $51.19.

Occidental Petroleum Stock Down 0.1%

Shares of Occidental Petroleum stock traded down $0.06 on Wednesday, reaching $41.80. The stock had a trading volume of 2,710,427 shares, compared to its average volume of 11,474,059. Occidental Petroleum has a 1 year low of $34.78 and a 1 year high of $53.20. The company has a 50 day moving average price of $43.98 and a 200 day moving average price of $43.70. The company has a quick ratio of 0.83, a current ratio of 1.05 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $41.14 billion, a P/E ratio of 24.76 and a beta of 0.91.

Occidental Petroleum (NYSE:OXY) last announced its earnings results on Monday, November 10th. The oil and gas producer reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.16. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.66 billion. During the same quarter last year, the firm posted $1.00 EPS. The business’s revenue was down 6.1% on a year-over-year basis. As a group, equities research analysts forecast that Occidental Petroleum will post 3.58 EPS for the current year.

Institutional Trading of Occidental Petroleum

Several large investors have recently made changes to their positions in OXY. Vanguard Group Inc. raised its position in shares of Occidental Petroleum by 17.8% in the first quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer’s stock valued at $3,960,202,000 after buying an additional 12,107,285 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Occidental Petroleum by 22.0% during the second quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer’s stock worth $756,796,000 after buying an additional 3,267,269 shares during the last quarter. Nuveen LLC bought a new position in Occidental Petroleum in the first quarter valued at about $99,853,000. Swedbank AB acquired a new position in Occidental Petroleum in the 3rd quarter valued at approximately $35,517,000. Finally, Dimensional Fund Advisors LP grew its position in shares of Occidental Petroleum by 9.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer’s stock valued at $401,162,000 after buying an additional 710,220 shares during the last quarter. Institutional investors own 88.70% of the company’s stock.

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.