Occidental Petroleum (NYSE:OXY) PT Raised to $70.00 at Wells Fargo & Company

Occidental Petroleum (NYSE:OXY) had its target price boosted by Wells Fargo & Company from $62.00 to $70.00 in a research report issued 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 indicates a potential upside of 1.41% from the stock’s current price.

A number of other research analysts also recently commented on the stock. StockNews.com raised shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Stephens reaffirmed an “overweight” rating and issued a $74.00 price target on shares of Occidental Petroleum in a report on Thursday, February 15th. Scotiabank raised shares of Occidental Petroleum from a “sector perform” rating to a “sector outperform” rating and increased their price target for the company from $63.00 to $90.00 in a report on Thursday. Mizuho increased their price target on shares of Occidental Petroleum from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Morgan Stanley increased their price target on shares of Occidental Petroleum from $66.00 to $72.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Occidental Petroleum has a consensus rating of “Moderate Buy” and an average price target of $72.06.

Occidental Petroleum Stock Down 0.3 %

OXY opened at $69.03 on Thursday. The firm has a 50-day simple moving average of $62.47 and a two-hundred day simple moving average of $61.07. Occidental Petroleum has a 52 week low of $55.12 and a 52 week high of $71.18. The company has a market capitalization of $61.19 billion, a PE ratio of 17.65 and a beta of 1.64. The company has a quick ratio of 0.69, a current ratio of 0.92 and a debt-to-equity ratio of 0.84.

Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Thursday, February 15th. The oil and gas producer reported $0.74 EPS for the quarter, meeting the consensus estimate of $0.74. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. The business had revenue of $7.53 billion during the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter in the prior year, the firm earned $1.61 EPS. The business’s revenue was down 9.6% on a year-over-year basis. Analysts forecast that Occidental Petroleum will post 3.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Occidental Petroleum

Institutional investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. increased its position in shares of Occidental Petroleum by 8.6% during the third quarter. Oppenheimer & Co. Inc. now owns 156,279 shares of the oil and gas producer’s stock worth $10,139,000 after acquiring an additional 12,349 shares during the period. SeaCrest Wealth Management LLC increased its position in shares of Occidental Petroleum by 8.9% during the fourth quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock worth $343,000 after acquiring an additional 474 shares during the period. J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Occidental Petroleum during the third quarter worth approximately $29,665,000. Calamos Wealth Management LLC purchased a new position in shares of Occidental Petroleum during the third quarter worth approximately $5,758,000. Finally, Assenagon Asset Management S.A. increased its holdings in Occidental Petroleum by 1,279.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 231,899 shares of the oil and gas producer’s stock valued at $13,847,000 after buying an additional 215,091 shares during the period. 88.70% of the stock is owned by hedge funds and other 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.