Occidental Petroleum (NYSE:OXY) Stock Price Target Cut by Wells Fargo & Company

Key Points

• Wells Fargo cut its Occidental Petroleum price target from $82 to $76 but maintained an “overweight” rating, implying 32.88% upside from the stock’s current price.
• Analyst views are mixed: MarketBeat reports a consensus “Hold” rating and an average price target of $67.62, based on 12 Buy and 15 Hold ratings.
• Occidental reported quarterly EPS of $1.91, beating the $1.46 consensus estimate, while revenue of $6.77 billion came in slightly below expectations.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price objective dropped by investment analysts at Wells Fargo & Company from $82.00 to $76.00 in a note issued to investors 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 stock's current price.

A number of other analysts have also commented on the company. BMO Capital Markets reaffirmed a "market perform" rating and set a $68.00 price objective on shares of Occidental Petroleum in a research note on Wednesday, October 14th. The Goldman Sachs Group lifted their target price on Occidental Petroleum from $69.00 to $76.00 and gave the stock a "buy" rating in a research report on Tuesday, October 27th. Roth Capital upgraded shares of Occidental Petroleum from a "neutral" rating to a "buy" rating and set a $70.00 price objective for the company in a research report on Friday, October 16th. Wall Street Zen raised Occidental Petroleum from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 10th. Finally, Morgan Stanley increased their price target on Occidental Petroleum from $69.00 to $71.00 and gave the company an "equal weight" rating in a research note on Thursday, October 15th. Twelve analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of "Hold" and an average price target of $67.62.

Occidental Petroleum Price Performance

NYSE OXY opened at $57.20 on Wednesday. The company has a market cap of $57.18 billion, a price-to-earnings 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 current ratio of 1.41 and a quick ratio of 1.13. The stock's fifty day moving average price is $59.91 and its 200 day moving average price is $56.42. Occidental Petroleum has a 1 year low of $38.80 and a 1 year high of $67.45.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Monday, November 9th. The oil and gas producer reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.45. The business had revenue of $6.77 billion during the quarter, compared to analyst estimates of $6.82 billion. Occidental Petroleum had a return on equity of 19.19% and a net margin of 32.17%. The company's revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the business posted $0.64 EPS. As a group, equities research analysts forecast that Occidental Petroleum will post 6.83 earnings per share for the current year.

Hedge Funds Weigh In On Occidental Petroleum

Several large investors have recently made changes to their positions in OXY. Berkshire Hathaway Inc bought a new position in Occidental Petroleum in the 2nd quarter worth $12,868,205,000. Engineers Gate Manager LP increased its position in shares of Occidental Petroleum by 1,329.2% during the 2nd quarter. Engineers Gate Manager LP now owns 59,725 shares of the oil and gas producer's stock valued at $2,901,000 after purchasing an additional 55,546 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Occidental Petroleum during the 2nd quarter valued at $10,041,000. Swiss National Bank lifted its holdings in shares of Occidental Petroleum by 7.2% during the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer's stock valued at $140,947,000 after purchasing an additional 145,100 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new stake in Occidental Petroleum in the second quarter worth about $4,209,000. 88.70% of the stock is currently 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.

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