Wells Fargo & Company Increases Occidental Petroleum (NYSE:OXY) Price Target to $58.00

Occidental Petroleum (NYSE:OXYGet Rating) had its target price hoisted by research analysts at Wells Fargo & Company from $51.00 to $58.00 in a report released on Thursday, The Fly reports. Wells Fargo & Company‘s price target points to a potential downside of 9.49% from the stock’s previous close.

Several other research firms have also recently weighed in on OXY. Morgan Stanley raised their price objective on shares of Occidental Petroleum from $52.00 to $70.00 and gave the company an “equal weight” rating in a research report on Friday, April 22nd. Truist Financial lifted their target price on shares of Occidental Petroleum from $78.00 to $86.00 in a research report on Thursday, April 21st. Susquehanna lifted their target price on shares of Occidental Petroleum from $71.00 to $73.00 in a research report on Thursday. Susquehanna Bancshares lifted their target price on shares of Occidental Petroleum from $58.00 to $71.00 in a research report on Monday, April 25th. Finally, Citigroup lifted their target price on shares of Occidental Petroleum from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, January 25th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $62.00.

Occidental Petroleum stock opened at $64.08 on Thursday. The firm’s fifty day moving average price is $58.25 and its 200-day moving average price is $42.83. The company has a debt-to-equity ratio of 2.79, a quick ratio of 1.00 and a current ratio of 1.23. The stock has a market cap of $60.04 billion, a P/E ratio of 9.75, a price-to-earnings-growth ratio of 0.19 and a beta of 1.94. Occidental Petroleum has a fifty-two week low of $21.62 and a fifty-two week high of $64.98.

Occidental Petroleum (NYSE:OXYGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The oil and gas producer reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.09. The firm had revenue of $8.53 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Occidental Petroleum had a net margin of 25.01% and a return on equity of 54.54%. The business’s quarterly revenue was up 61.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.15) EPS. On average, analysts predict that Occidental Petroleum will post 9.29 earnings per share for the current year.

In related news, major shareholder Berkshire Hathaway Inc bought 5,867,118 shares of the business’s stock in a transaction dated Monday, May 2nd. The shares were purchased at an average price of $57.10 per share, with a total value of $335,012,437.80. Following the purchase, the insider now owns 142,240,118 shares of the company’s stock, valued at approximately $8,121,910,737.80. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Avedick Baruyr Poladian sold 20,000 shares of Occidental Petroleum stock in a transaction dated Friday, March 11th. The shares were sold at an average price of $57.23, for a total transaction of $1,144,600.00. The disclosure for this sale can be found here. Insiders have bought a total of 6,783,083 shares of company stock worth $387,503,934 in the last ninety days. Insiders own 0.31% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SVB Wealth LLC purchased a new position in Occidental Petroleum during the 1st quarter valued at about $221,000. Centaurus Financial Inc. purchased a new position in Occidental Petroleum in the first quarter worth about $111,000. Turim 21 Investimentos Ltda. raised its holdings in Occidental Petroleum by 53.1% in the first quarter. Turim 21 Investimentos Ltda. now owns 41,352 shares of the oil and gas producer’s stock worth $2,346,000 after buying an additional 14,335 shares during the last quarter. PointState Capital LP purchased a new position in Occidental Petroleum in the first quarter worth about $4,249,000. Finally, ING Groep NV raised its holdings in Occidental Petroleum by 457.6% in the first quarter. ING Groep NV now owns 646,150 shares of the oil and gas producer’s stock worth $36,663,000 after buying an additional 530,267 shares during the last quarter. 86.15% of the stock is owned by institutional investors.

Occidental Petroleum Company Profile (Get Rating)

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, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing.

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