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

Occidental Petroleum (NYSE:OXY) had its price target decreased by research analysts at Wells Fargo & Company from $53.00 to $52.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 1.96% from the company’s previous close.

A number of other equities research analysts also recently commented on OXY. Jefferies Financial Group lifted their price objective on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a research report on Tuesday, November 12th. Piper Sandler dropped their price objective on shares of Occidental Petroleum from $57.00 to $51.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Mizuho cut their price objective on shares of Occidental Petroleum from $72.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, December 16th. The Goldman Sachs Group downgraded shares of Occidental Petroleum from a “neutral” rating to a “sell” rating and lowered their target price for the company from $54.00 to $45.00 in a report on Friday, January 31st. Finally, Susquehanna cut their price target on shares of Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating on the stock in a research note on Thursday, November 14th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $61.67.

Occidental Petroleum Trading Up 4.4 %

Shares of OXY stock opened at $51.00 on Thursday. Occidental Petroleum has a twelve month low of $45.17 and a twelve month high of $71.18. The company has a market capitalization of $47.86 billion, a price-to-earnings ratio of 20.90 and a beta of 1.55. The firm has a 50-day moving average price of $49.06 and a 200 day moving average price of $51.44. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Tuesday, February 18th. The oil and gas producer reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.13. The business had revenue of $6.84 billion for the quarter, compared to the consensus estimate of $7.14 billion. Occidental Petroleum had a net margin of 11.37% and a return on equity of 16.63%. Research analysts forecast that Occidental Petroleum will post 3.56 earnings per share for the current fiscal year.

Insider Transactions at Occidental Petroleum

In other Occidental Petroleum news, major shareholder Berkshire Hathaway Inc purchased 763,017 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were acquired at an average price of $46.82 per share, for a total transaction of $35,724,455.94. Following the completion of the purchase, the insider now owns 264,941,431 shares in the company, valued at $12,404,557,799.42. The trade was a 0.29 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have bought 6,854,394 shares of company stock valued at $315,101,532. Corporate insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Occidental Petroleum by 18.1% during the 4th quarter. Vanguard Group Inc. now owns 68,123,704 shares of the oil and gas producer’s stock valued at $3,365,992,000 after buying an additional 10,434,098 shares during the last quarter. Berkshire Hathaway Inc boosted its stake in Occidental Petroleum by 3.5% during the 4th quarter. Berkshire Hathaway Inc now owns 264,178,414 shares of the oil and gas producer’s stock valued at $13,053,055,000 after acquiring an additional 8,896,890 shares during the last quarter. H&H International Investment LLC grew its holdings in Occidental Petroleum by 497.7% during the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after acquiring an additional 7,680,598 shares in the last quarter. Worldquant Millennium Advisors LLC increased its position in shares of Occidental Petroleum by 1,075.3% in the 4th quarter. Worldquant Millennium Advisors LLC now owns 1,930,776 shares of the oil and gas producer’s stock worth $95,400,000 after purchasing an additional 1,766,491 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Occidental Petroleum by 48.1% in the 4th quarter. Marshall Wace LLP now owns 4,117,777 shares of the oil and gas producer’s stock valued at $203,459,000 after purchasing an additional 1,337,728 shares in the last quarter. 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.