Wells Fargo & Company Has Lowered Expectations for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its price target lowered by stock analysts at Wells Fargo & Company from $47.00 to $46.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s target price points to a potential upside of 7.88% from the stock’s previous close.

Several other research firms have also recently commented on OXY. TD Cowen cut Occidental Petroleum from a “buy” rating to a “hold” rating and cut their price target for the company from $68.00 to $45.00 in a report on Tuesday, April 8th. Citigroup raised their target price on Occidental Petroleum from $42.00 to $44.00 and gave the stock a “neutral” rating in a research note on Monday, May 19th. Barclays boosted their price target on shares of Occidental Petroleum from $46.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, May 8th. Hsbc Global Res upgraded shares of Occidental Petroleum to a “hold” rating in a research report on Wednesday, April 16th. Finally, Susquehanna decreased their target price on shares of Occidental Petroleum from $59.00 to $55.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $53.62.

Occidental Petroleum Trading Down 0.1%

Shares of OXY opened at $42.64 on Tuesday. Occidental Petroleum has a 52-week low of $34.79 and a 52-week high of $64.76. The stock has a market cap of $41.96 billion, a PE ratio of 17.33 and a beta of 0.84. The firm’s fifty day moving average is $43.32 and its two-hundred day moving average is $45.21. 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) last posted its quarterly earnings results on Wednesday, May 7th. The oil and gas producer reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.13. Occidental Petroleum had a net margin of 11.20% and a return on equity of 16.60%. The firm had revenue of $6.80 billion for the quarter, compared to analyst estimates of $6.97 billion. During the same period in the previous year, the business posted $0.63 earnings per share. Occidental Petroleum’s quarterly revenue was up 13.9% on a year-over-year basis. Research analysts forecast that Occidental Petroleum will post 3.58 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

Several institutional investors have recently bought and sold shares of OXY. Northeast Financial Consultants Inc grew its holdings in shares of Occidental Petroleum by 0.4% in the first quarter. Northeast Financial Consultants Inc now owns 58,549 shares of the oil and gas producer’s stock valued at $2,890,000 after purchasing an additional 242 shares in the last quarter. Horizon Investments LLC grew its stake in shares of Occidental Petroleum by 2.3% in the fourth quarter. Horizon Investments LLC now owns 11,208 shares of the oil and gas producer’s stock worth $554,000 after acquiring an additional 257 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Occidental Petroleum by 20.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,631 shares of the oil and gas producer’s stock worth $81,000 after acquiring an additional 274 shares during the period. S.A. Mason LLC raised its stake in shares of Occidental Petroleum by 5.9% in the second quarter. S.A. Mason LLC now owns 5,306 shares of the oil and gas producer’s stock valued at $223,000 after acquiring an additional 295 shares in the last quarter. Finally, Moody National Bank Trust Division boosted its holdings in Occidental Petroleum by 2.0% in the second quarter. Moody National Bank Trust Division now owns 15,326 shares of the oil and gas producer’s stock valued at $644,000 after purchasing an additional 300 shares during the period. 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.