Occidental Petroleum (NYSE:OXY) PT Lowered to $68.00

Occidental Petroleum (NYSE:OXY) had its price target decreased by equities research analysts at Wells Fargo & Company from $70.00 to $68.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 5.84% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. HSBC began coverage on shares of Occidental Petroleum in a research note on Monday, April 8th. They issued a “hold” rating and a $65.00 price objective on the stock. StockNews.com upgraded Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Barclays began coverage on shares of Occidental Petroleum in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $73.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, Truist Financial raised their price objective on Occidental Petroleum from $77.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, April 5th. Nine equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $71.88.

Occidental Petroleum Trading Up 0.9 %

Occidental Petroleum stock traded up $0.57 during midday trading on Thursday, hitting $64.25. 2,298,258 shares of the stock were exchanged, compared to its average volume of 8,409,962. The stock’s 50-day simple moving average is $64.98 and its 200 day simple moving average is $61.34. Occidental Petroleum has a fifty-two week low of $55.12 and a fifty-two week high of $71.18. The company has a current ratio of 0.92, a quick ratio of 0.69 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $56.96 billion, a price-to-earnings ratio of 16.42 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.01. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $6.70 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The firm’s quarterly revenue was down 17.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.09 earnings per share. On average, equities analysts anticipate that Occidental Petroleum will post 3.81 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Investment Research & Advisory Group Inc. boosted its position in shares of Occidental Petroleum by 75.2% in the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock valued at $25,000 after acquiring an additional 167 shares during the period. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of Occidental Petroleum in the 3rd quarter valued at $26,000. Orion Capital Management LLC bought a new stake in shares of Occidental Petroleum during the third quarter worth about $27,000. TLW Wealth Management LLC acquired a new position in Occidental Petroleum in the 4th quarter valued at approximately $28,000. Finally, Grove Bank & Trust lifted its holdings in Occidental Petroleum by 86.0% during the 4th quarter. Grove Bank & Trust now owns 519 shares of the oil and gas producer’s stock worth $31,000 after buying an additional 240 shares during the period. Institutional investors and hedge funds own 88.70% of the company’s stock.

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.