Occidental Petroleum (NYSE:OXY) Now Covered by Wells Fargo & Company

Key Points

• Wells Fargo & Company initiated coverage of Occidental Petroleum with an "underweight" rating and a price target of $42.00, suggesting a modest upside potential of 2.44% from the current price.
• Institutional investors have shown increased interest in Occidental Petroleum, with Vanguard Group increasing its holdings by 10.3% in the second quarter of 2023.
• Despite a year-over-year revenue decline of 6.1%, Occidental Petroleum reported earnings per share of $0.39, surpassing analysts' estimates of $0.38.

Wells Fargo & Company started coverage on shares of Occidental Petroleum (NYSE:OXY - Get Free Report) in a research report issued to clients and investors on Friday,Benzinga reports. The firm set an "underweight" rating and a $42.00 price target on the oil and gas producer's stock. Wells Fargo & Company's price objective suggests a potential upside of 2.44% from the company's current price.

Several other brokerages also recently commented on OXY. Piper Sandler boosted their target price on Occidental Petroleum from $48.00 to $50.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Melius Research started coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They set a "hold" rating and a $64.00 target price for the company. Bank of America boosted their price target on Occidental Petroleum from $44.00 to $47.00 and gave the stock a "neutral" rating in a report on Monday, October 6th. Weiss Ratings restated a "hold (c-)" rating on shares of Occidental Petroleum in a report on Wednesday, October 8th. Finally, Hsbc Global Res upgraded Occidental Petroleum from a "hold" rating to a "strong-buy" rating in a report on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, fifteen have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $52.43.

Occidental Petroleum Trading Down 2.1%

OXY stock opened at $41.00 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.05 and a quick ratio of 0.83. The company has a fifty day moving average price of $45.53 and a two-hundred day moving average price of $43.49. Occidental Petroleum has a one year low of $34.78 and a one year high of $53.20. The stock has a market cap of $40.36 billion, a price-to-earnings ratio of 24.26 and a beta of 0.95.

Occidental Petroleum (NYSE:OXY - Get Free Report) last posted its earnings results on Wednesday, August 6th. The oil and gas producer reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Occidental Petroleum had a return on equity of 13.78% and a net margin of 8.79%.The company had revenue of $6.41 billion during the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter last year, the firm earned $1.03 earnings per share. The company's revenue was down 6.1% on a year-over-year basis. Equities analysts anticipate that Occidental Petroleum will post 3.58 EPS for the current year.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Occidental Petroleum by 10.3% in the 2nd quarter. Vanguard Group Inc. now owns 88,504,019 shares of the oil and gas producer's stock worth $3,718,054,000 after acquiring an additional 8,273,030 shares during the last quarter. State Street Corp boosted its stake in Occidental Petroleum by 1.6% in the 2nd quarter. State Street Corp now owns 39,044,478 shares of the oil and gas producer's stock worth $1,649,147,000 after purchasing an additional 615,566 shares during the period. Geode Capital Management LLC boosted its stake in Occidental Petroleum by 22.0% in the 2nd quarter. Geode Capital Management LLC now owns 18,089,878 shares of the oil and gas producer's stock worth $756,796,000 after purchasing an additional 3,267,269 shares during the period. H&H International Investment LLC boosted its position in shares of Occidental Petroleum by 1.8% during the 1st quarter. H&H International Investment LLC now owns 13,826,100 shares of the oil and gas producer's stock valued at $682,456,000 after acquiring an additional 249,100 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Occidental Petroleum by 9.6% during 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 acquiring an additional 710,220 shares during the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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.

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