Wells Fargo & Company Increases Occidental Petroleum (NYSE:OXY) Price Target to $69.00

Occidental Petroleum (NYSE:OXYGet Free Report) had its target price lifted by Wells Fargo & Company from $68.00 to $69.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 13.26% from the stock’s current price.

Other analysts have also issued reports about the stock. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Susquehanna lifted their price target on Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Mizuho raised their price objective on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. HSBC assumed coverage on Occidental Petroleum in a report on Monday, April 8th. They issued a “hold” rating and a $65.00 target price on the stock. Finally, Morgan Stanley boosted their price objective on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Eleven analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $71.56.

View Our Latest Report on Occidental Petroleum

Occidental Petroleum Stock Down 2.4 %

Shares of NYSE OXY opened at $60.92 on Friday. The firm has a fifty day moving average of $63.32 and a 200-day moving average of $61.51. The stock has a market capitalization of $54.01 billion, a PE ratio of 16.64 and a beta of 1.59. Occidental Petroleum has a 52-week low of $55.12 and a 52-week high of $71.18. The company has a quick ratio of 0.71, a current ratio of 0.95 and a debt-to-equity ratio of 0.82.

Occidental Petroleum (NYSE:OXYGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.01. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $6.70 billion. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The firm’s quarterly revenue was down 17.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.09 earnings per share. On average, analysts anticipate that Occidental Petroleum will post 3.87 EPS for the current year.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc bought 524,340 shares of the stock in a transaction on Wednesday, June 5th. The stock was bought at an average cost of $59.75 per share, for a total transaction of $31,329,315.00. Following the completion of the purchase, the insider now directly owns 248,542,468 shares in the company, valued at $14,850,412,463. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have purchased 4,656,747 shares of company stock valued at $278,664,028. 0.31% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Investment Research & Advisory Group Inc. increased its position in shares of Occidental Petroleum by 75.2% during the first quarter. Investment Research & Advisory Group Inc. now owns 389 shares of the oil and gas producer’s stock worth $25,000 after acquiring an additional 167 shares during the period. Orion Capital Management LLC purchased a new position in shares of Occidental Petroleum in the 3rd quarter valued at about $27,000. TLW Wealth Management LLC acquired a new position in shares of Occidental Petroleum during the fourth quarter worth about $28,000. Grove Bank & Trust increased its stake in shares of Occidental Petroleum by 86.0% during the fourth 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. Finally, Criterion Capital Advisors LLC acquired a new stake in Occidental Petroleum in the fourth quarter valued at approximately $34,000. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum Company Profile

(Get Free Report)

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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