Occidental Petroleum (NYSE:OXY) Given New $34.00 Price Target at Wells Fargo & Company

Occidental Petroleum (NYSE:OXY) had its target price raised by equities researchers at Wells Fargo & Company from $29.00 to $34.00 in a research report issued to clients and investors on Thursday, The Fly reports. The brokerage currently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 5.33% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Morgan Stanley lifted their price target on shares of Occidental Petroleum from $40.00 to $47.00 and gave the company an “overweight” rating in a research report on Wednesday, October 6th. Citigroup began coverage on shares of Occidental Petroleum in a research note on Monday, August 30th. They issued a “buy” rating and a $35.00 price target for the company. Raymond James dropped their price target on shares of Occidental Petroleum from $40.00 to $35.00 and set a “strong-buy” rating for the company in a research note on Tuesday, August 24th. Mizuho lifted their price target on shares of Occidental Petroleum from $37.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, July 15th. Finally, Truist boosted their target price on shares of Occidental Petroleum from $27.00 to $35.00 and gave the company a “hold” rating in a research note on Thursday, October 7th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Occidental Petroleum has a consensus rating of “Hold” and a consensus price target of $30.04.

OXY opened at $32.28 on Thursday. The company’s 50 day simple moving average is $27.17 and its 200 day simple moving average is $27.16. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.15 and a current ratio of 1.34. Occidental Petroleum has a 1 year low of $8.52 and a 1 year high of $34.57. The stock has a market capitalization of $30.14 billion, a PE ratio of -5.43, a P/E/G ratio of 0.52 and a beta of 2.46.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Monday, August 2nd. The oil and gas producer reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.49. Occidental Petroleum had a negative net margin of 26.10% and a negative return on equity of 10.45%. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same period last year, the company earned ($1.76) earnings per share. As a group, sell-side analysts expect that Occidental Petroleum will post 0.96 earnings per share for the current fiscal year.

In other Occidental Petroleum news, Director Stephen I. Chazen purchased 20,000 shares of the company’s stock in a transaction on Monday, August 9th. The shares were purchased at an average cost of $25.76 per share, for a total transaction of $515,200.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by insiders.

A number of institutional investors have recently modified their holdings of OXY. Red Door Wealth Management LLC bought a new stake in Occidental Petroleum in the second quarter worth about $26,000. Cypress Capital Management LLC WY acquired a new stake in Occidental Petroleum during the 2nd quarter worth about $30,000. Arkadios Wealth Advisors raised its holdings in Occidental Petroleum by 194.0% during the 2nd quarter. Arkadios Wealth Advisors now owns 1,035 shares of the oil and gas producer’s stock worth $32,000 after buying an additional 683 shares during the period. Solstein Capital LLC acquired a new stake in Occidental Petroleum during the 1st quarter worth about $40,000. Finally, Corsicana & Co. acquired a new stake in Occidental Petroleum during the 2nd quarter worth about $64,000. Hedge funds and other institutional investors own 68.71% of the company’s stock.

Occidental Petroleum Company Profile

Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.

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