Occidental Petroleum (NYSE:OXY) Price Target Lowered to $65.00 at Wells Fargo & Company

Occidental Petroleum (NYSE:OXY) had its price objective decreased by stock analysts at Wells Fargo & Company from $68.00 to $65.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 11.68% from the stock’s previous close.

Several other research analysts have also weighed in on OXY. Citigroup lowered their price objective on Occidental Petroleum from $69.00 to $65.00 and set a “neutral” rating for the company in a research report on Friday, May 24th. Mizuho boosted their price target on Occidental Petroleum from $70.00 to $71.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Truist Financial lowered their price objective on shares of Occidental Petroleum from $69.00 to $67.00 and set a “hold” rating for the company in a research note on Monday, July 22nd. Stephens reissued an “overweight” rating and set a $76.00 target price on shares of Occidental Petroleum in a research note on Thursday. Finally, Susquehanna upped their price objective on shares of Occidental Petroleum from $70.00 to $81.00 and gave the company a “positive” rating in a report on Monday, April 22nd. Ten analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $72.06.

Occidental Petroleum Trading Down 0.6 %

OXY stock traded down $0.33 during trading on Friday, hitting $58.20. The company had a trading volume of 3,063,144 shares, compared to its average volume of 7,959,870. The stock has a market cap of $51.60 billion, a PE ratio of 15.93 and a beta of 1.61. The business has a 50-day moving average of $60.89 and a 200-day moving average of $62.09. The company has a current ratio of 0.95, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. Occidental Petroleum has a one year low of $55.04 and a one year high of $71.18.

Occidental Petroleum (NYSE:OXY) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas producer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Occidental Petroleum had a net margin of 15.62% and a return on equity of 17.50%. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.93 billion. During the same period in the prior year, the firm posted $0.68 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. Research analysts predict that Occidental Petroleum will post 3.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Occidental Petroleum

In other news, major shareholder Berkshire Hathaway Inc purchased 1,386,844 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were purchased at an average price of $59.67 per share, with a total value of $82,752,981.48. Following the transaction, the insider now directly owns 250,583,605 shares of the company’s stock, valued at $14,952,323,710.35. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last ninety days, insiders bought 4,656,747 shares of company stock valued at $278,664,028. Company insiders own 0.31% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OXY. Berkshire Hathaway Inc raised its stake in shares of Occidental Petroleum by 8.7% during the 4th quarter. Berkshire Hathaway Inc now owns 243,715,804 shares of the oil and gas producer’s stock valued at $14,552,271,000 after purchasing an additional 19,586,612 shares during the period. Clean Energy Transition LLP purchased a new stake in shares of Occidental Petroleum in the first quarter worth about $67,601,000. Sarasin & Partners LLP bought a new position in shares of Occidental Petroleum in the second quarter valued at approximately $63,880,000. Scharf Investments LLC purchased a new position in Occidental Petroleum during the second quarter valued at approximately $42,744,000. Finally, TD Asset Management Inc increased its holdings in Occidental Petroleum by 237.9% during the 4th quarter. TD Asset Management Inc now owns 756,862 shares of the oil and gas producer’s stock worth $45,192,000 after acquiring an additional 532,847 shares during the period. 88.70% of the stock is currently owned by institutional investors.

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.