Occidental Petroleum (NYSE:OXY) Given New $68.00 Price Target at Wells Fargo & Company

Occidental Petroleum (NYSE:OXY - Get Free Report) had its target price lowered by Wells Fargo & Company from $70.00 to $68.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an "equal weight" rating on the oil and gas producer's stock. Wells Fargo & Company's price objective suggests a potential upside of 5.85% from the stock's current price.

A number of other brokerages have also recently commented on OXY. Stephens reaffirmed an "overweight" rating and set a $74.00 price target on shares of Occidental Petroleum in a research report on Thursday, February 15th. Raymond James decreased their target price on Occidental Petroleum from $70.00 to $68.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, January 24th. Scotiabank upgraded Occidental Petroleum from a "sector perform" rating to a "sector outperform" rating and upped their target price for the stock from $63.00 to $90.00 in a research note on Thursday, April 11th. Morgan Stanley upped their target price on Occidental Petroleum from $66.00 to $72.00 and gave the stock an "overweight" rating in a research note on Thursday, March 28th. Finally, Susquehanna increased their price objective on Occidental Petroleum from $70.00 to $81.00 and gave the company a "positive" rating in a research report on Monday, April 22nd. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $71.88.

Occidental Petroleum Stock Up 0.9 %

Shares of NYSE OXY traded up $0.56 during midday trading on Thursday, hitting $64.24. 4,972,565 shares of the stock traded hands, compared to its average volume of 8,440,851. The company has a market cap of $56.95 billion, a PE ratio of 16.43 and a beta of 1.64. Occidental Petroleum has a one year low of $55.12 and a one year high of $71.18. The business has a 50 day moving average price of $65.05 and a two-hundred day moving average price of $61.36. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.69 and a current ratio of 0.92.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. The firm had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $6.70 billion. Occidental Petroleum had a return on equity of 20.63% and a net margin of 16.24%. The company's quarterly revenue was down 17.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.09 earnings per share. On average, equities analysts predict that Occidental Petroleum will post 3.81 EPS for the current year.

Institutional Investors Weigh In On Occidental Petroleum

Institutional investors and hedge funds have recently bought and sold shares of the business. Investment Research & Advisory Group Inc. lifted its holdings in Occidental Petroleum by 75.2% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer's stock worth $25,000 after buying an additional 167 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Occidental Petroleum in the 3rd quarter worth approximately $26,000. Orion Capital Management LLC bought a new position in shares of Occidental Petroleum in the 3rd quarter worth approximately $27,000. TLW Wealth Management LLC bought a new position in shares of Occidental Petroleum in the 4th quarter worth approximately $28,000. Finally, Grove Bank & Trust raised its position in shares of Occidental Petroleum by 86.0% in the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer's stock worth $31,000 after acquiring an additional 240 shares in the last quarter. Hedge funds and other institutional investors own 88.70% of the company's stock.

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, 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.