Wells Fargo & Company Increases Occidental Petroleum (NYSE:OXY) Price Target to $47.00

Occidental Petroleum (NYSE:OXY - Get Free Report) had its price target hoisted by analysts at Wells Fargo & Company from $42.00 to $47.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the oil and gas producer's stock. Wells Fargo & Company's price target would suggest a potential upside of 9.95% from the company's previous close.

A number of other brokerages also recently issued reports on OXY. Stephens reduced their price target on Occidental Petroleum from $60.00 to $58.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Hsbc Global Res upgraded Occidental Petroleum to a "hold" rating in a research note on Wednesday, April 16th. Mizuho reduced their target price on Occidental Petroleum from $60.00 to $58.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 13th. Piper Sandler lowered their price target on Occidental Petroleum from $50.00 to $48.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. dropped their price target on Occidental Petroleum from $52.00 to $47.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $53.38.

Occidental Petroleum Stock Up 0.8%

Shares of NYSE OXY traded up $0.33 during mid-day trading on Thursday, reaching $42.75. 2,609,987 shares of the company were exchanged, compared to its average volume of 11,620,214. Occidental Petroleum has a 1 year low of $34.79 and a 1 year high of $64.76. The firm has a 50-day moving average of $42.08 and a 200 day moving average of $45.58. The stock has a market cap of $42.07 billion, a price-to-earnings ratio of 17.37 and a beta of 0.87. The company has a quick ratio of 0.79, a current ratio of 1.01 and a debt-to-equity ratio of 0.90.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.13. The business had revenue of $6.80 billion for the quarter, compared to analysts' expectations of $6.97 billion. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The company's revenue was up 13.9% compared to the same quarter last year. During the same period last year, the business earned $0.63 EPS. On average, research analysts expect that Occidental Petroleum will post 3.58 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of OXY. Altshuler Shaham Ltd purchased a new position in shares of Occidental Petroleum during the 4th quarter valued at approximately $26,000. VSM Wealth Advisory LLC purchased a new position in Occidental Petroleum in the fourth quarter valued at $27,000. Whipplewood Advisors LLC purchased a new position in Occidental Petroleum in the fourth quarter valued at $27,000. Bernard Wealth Management Corp. acquired a new position in shares of Occidental Petroleum in the fourth quarter worth about $32,000. Finally, Grove Bank & Trust boosted its stake in shares of Occidental Petroleum by 129.2% during the 1st quarter. Grove Bank & Trust now owns 722 shares of the oil and gas producer's stock worth $36,000 after acquiring an additional 407 shares in the last quarter. 88.70% of the stock is owned by institutional investors and hedge funds.

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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