Occidental Petroleum (NYSE:OXY) Stock Price Target Lowered at Wells Fargo & Company

Occidental Petroleum (NYSE:OXY) had its target price decreased by Wells Fargo & Company from $82.00 to $76.00 in a research note issued to investors on Wednesday morning, MarketBeat.com reports. Wells Fargo & Company currently has an overweight rating on the oil and gas producer’s stock.

Other analysts also recently issued reports about the stock. Piper Sandler initiated coverage on shares of Occidental Petroleum in a report on Tuesday, October 27th. They issued a “neutral” rating and a $69.00 price target for the company. Wall Street Zen upgraded shares of Occidental Petroleum from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 10th. Stephens upped their price objective on shares of Occidental Petroleum from $78.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday, October 19th. Roth Capital upgraded shares of Occidental Petroleum from a “neutral” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Friday, October 16th. Finally, Citigroup decreased their target price on Occidental Petroleum from $62.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, July 17th. Twelve analysts have rated the stock with a Buy rating and fifteen have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $67.62.

Occidental Petroleum Stock Up 0.7%

Shares of OXY stock opened at $57.28 on Wednesday. Occidental Petroleum has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a quick ratio of 1.13, a current ratio of 1.38 and a debt-to-equity ratio of 0.33. The firm has a market cap of $57.28 billion, a PE ratio of 10.02, a price-to-earnings-growth ratio of 0.66 and a beta of 0.16. The stock has a 50 day moving average of $59.84 and a 200-day moving average of $56.48.

Occidental Petroleum (NYSE:OXY) last announced its quarterly earnings data on Monday, November 9th. The oil and gas producer reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.45. Occidental Petroleum had a net margin of 32.17% and a return on equity of 18.55%. The business had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.82 billion. During the same quarter last year, the company posted $0.64 earnings per share. Occidental Petroleum’s quarterly revenue was up 20.6% on a year-over-year basis. On average, equities analysts predict that Occidental Petroleum will post 6.83 EPS for the current year.

Occidental Petroleum Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 10th will be paid a dividend of $0.28 per share. The ex-dividend date is Thursday, December 10th. This represents a $1.12 dividend on an annualized basis and a yield of 2.0%. Occidental Petroleum’s payout ratio is currently 17.34%.

Institutional Investors Weigh In On Occidental Petroleum

Several institutional investors and hedge funds have recently bought and sold shares of OXY. Berkshire Hathaway Inc acquired a new stake in shares of Occidental Petroleum during the 2nd quarter valued at about $12,868,205,000. Bank of New York Mellon Corp raised its position in Occidental Petroleum by 84.8% in the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock worth $516,975,000 after purchasing an additional 4,882,834 shares in the last quarter. Danske Bank A S acquired a new position in Occidental Petroleum in the second quarter worth about $172,413,000. Legal & General Group Plc bought a new position in Occidental Petroleum during the second quarter worth about $168,860,000. Finally, State Street Corp lifted its stake in Occidental Petroleum by 6.6% during the second quarter. State Street Corp now owns 46,141,269 shares of the oil and gas producer’s stock worth $2,252,271,000 after purchasing an additional 2,870,472 shares during the period. Institutional investors own 88.70% of the company’s stock.

Occidental Petroleum News Roundup

Here’s some of the latest news about OXY:

• Positive Sentiment: Wells Fargo maintained an “overweight” rating, despite lowering its price target to $76 from $82—still implying substantial upside relative to the cited share price. Wells Fargo analyst recommendations
• Neutral Sentiment: Management’s outlook puts capital spending and potential buybacks in focus. The cash-flow gains could help shareholder returns, but their impact depends on execution and how cash is allocated. Occidental Q3 earnings call centers on debt cuts and cash flow
• Negative Sentiment: Weaker crude prices and ongoing oil-price risk could pressure cash flow, tempering the benefit of debt reduction and production performance. Occidental shares rise as debt milestone sharpens focus on oil-price risk

About Occidental Petroleum

Occidental Petroleum Corporation is an energy and chemicals company headquartered in Houston, Texas. Its oil and gas business explores for and produces crude oil, natural gas liquids and natural gas, with operations in the United States and international markets, including the Middle East and North Africa. Through its OxyChem business, Occidental manufactures and markets basic chemicals and vinyl products used in applications such as water treatment, construction and consumer goods. The company also develops carbon management and lower-carbon technology projects, including carbon capture and storage.