Wells Fargo & Company Raises Occidental Petroleum (NYSE:OXY) Price Target to $70.00

Occidental Petroleum (NYSE:OXY) had its price objective boosted by investment analysts at Wells Fargo & Company from $62.00 to $70.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 1.41% from the stock’s current price.

A number of other analysts have also recently commented on the stock. Barclays initiated coverage on shares of Occidental Petroleum in a research note on Wednesday. They set an “equal weight” rating and a $73.00 target price for the company. Raymond James lowered their price target on shares of Occidental Petroleum from $70.00 to $68.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, January 24th. Scotiabank upgraded shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the stock from $63.00 to $90.00 in a research report on Thursday. Stephens restated an “overweight” rating and set a $74.00 price target on shares of Occidental Petroleum in a research report on Thursday, February 15th. Finally, Truist Financial boosted their price target on shares of Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $72.06.

Occidental Petroleum Stock Down 0.3 %

OXY stock opened at $69.03 on Thursday. The stock has a market capitalization of $61.19 billion, a P/E ratio of 17.65 and a beta of 1.64. The firm has a 50-day simple moving average of $62.47 and a 200-day simple moving average of $61.07. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84. Occidental Petroleum has a 52 week low of $55.12 and a 52 week high of $71.18.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, hitting analysts’ consensus estimates of $0.74. The business had revenue of $7.53 billion during the quarter, compared to analysts’ expectations of $6.93 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The company’s quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.61 earnings per share. Equities analysts forecast that Occidental Petroleum will post 3.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently bought and sold shares of the company. Berkshire Hathaway Inc lifted its holdings in shares of Occidental Petroleum by 8.7% in the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock worth $14,552,271,000 after acquiring an additional 19,586,612 shares during the last quarter. Moneta Group Investment Advisors LLC acquired a new position in shares of Occidental Petroleum in the 4th quarter worth approximately $267,173,000. Bank of New York Mellon Corp lifted its holdings in shares of Occidental Petroleum by 24.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 12,021,929 shares of the oil and gas producer’s stock worth $779,983,000 after acquiring an additional 2,334,651 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Occidental Petroleum by 600.4% in the 3rd quarter. American Century Companies Inc. now owns 2,242,910 shares of the oil and gas producer’s stock worth $145,520,000 after acquiring an additional 1,922,656 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Occidental Petroleum by 87.9% in the 1st quarter. First Trust Advisors LP now owns 3,276,078 shares of the oil and gas producer’s stock worth $185,885,000 after acquiring an additional 1,532,100 shares during the last quarter. 88.70% of the stock is currently 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.