Occidental Petroleum (NYSE:OXY) Upgraded at Wells Fargo & Company

Key Points

• Occidental Petroleum has been upgraded by Wells Fargo & Company to a "strong sell" rating, reflecting a change in analyst sentiment towards the stock.
• Other analysts have varied opinions on the stock, with a mixed range of ratings from "strong-buy" to "sell," resulting in an average rating of "Hold" and a consensus target price of $52.43.
• The company reported earnings of $0.39 per share for the last quarter, exceeding analysts' expectations, albeit showing a 6.1% decline in revenue compared to the previous year.

Occidental Petroleum (NYSE:OXY - Get Free Report) was upgraded by equities researchers at Wells Fargo & Company to a "strong sell" rating in a research report issued on Thursday,Zacks.com reports.

A number of other equities research analysts also recently commented on OXY. JPMorgan Chase & Co. raised their target price on Occidental Petroleum from $49.00 to $50.00 and gave the company a "neutral" rating in a report on Tuesday. Hsbc Global Res raised Occidental Petroleum from a "hold" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Melius initiated coverage on Occidental Petroleum in a research note on Wednesday, August 20th. They set a "hold" rating and a $64.00 price target for the company. Scotiabank lifted their price objective on Occidental Petroleum from $45.00 to $47.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 9th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Occidental Petroleum in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, fifteen have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $52.43.

Occidental Petroleum Stock Performance

Shares of Occidental Petroleum stock opened at $40.91 on Thursday. The firm has a market capitalization of $40.28 billion, a P/E ratio of 24.21 and a beta of 0.95. Occidental Petroleum has a 52 week low of $34.78 and a 52 week high of $53.20. 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 firm's 50 day moving average is $45.46 and its two-hundred day moving average is $43.43.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OXY. Vanguard Group Inc. grew its stake in Occidental Petroleum by 17.8% during the 1st quarter. Vanguard Group Inc. now owns 80,230,989 shares of the oil and gas producer's stock worth $3,960,202,000 after buying an additional 12,107,285 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Occidental Petroleum by 22.0% in 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 purchasing an additional 3,267,269 shares in the last quarter. Nuveen LLC bought a new position in shares of Occidental Petroleum in the first quarter worth $99,853,000. Swedbank AB bought a new position in shares of Occidental Petroleum in the third quarter worth $35,517,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Occidental Petroleum by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 8,128,136 shares of the oil and gas producer's stock worth $401,162,000 after purchasing an additional 710,220 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors.

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.

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