Occidental Petroleum (NYSE:OXY) Price Target Cut to $68.00

Occidental Petroleum (NYSE:OXY) had its price target cut by research analysts at Wells Fargo & Company from $70.00 to $68.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 5.84% from the stock’s previous close.

OXY has been the subject of a number of other reports. Scotiabank raised 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 research note on Thursday, April 11th. Mizuho lifted their target price on Occidental Petroleum from $70.00 to $71.00 and gave the stock a “neutral” rating in a report on Wednesday. StockNews.com upgraded shares of Occidental Petroleum from a “sell” rating to a “hold” rating in a research report on Friday, March 15th. Stephens restated an “overweight” rating and set a $74.00 price objective on shares of Occidental Petroleum in a research report on Thursday, February 15th. Finally, HSBC began coverage on shares of Occidental Petroleum in a report on Monday, April 8th. They issued a “hold” rating and a $65.00 target price on the stock. Nine research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Occidental Petroleum has an average rating of “Hold” and an average price target of $71.88.

Occidental Petroleum Stock Performance

Shares of OXY traded up $0.57 during trading hours on Thursday, reaching $64.25. 2,298,258 shares of the company’s stock traded hands, compared to its average volume of 8,409,962. Occidental Petroleum has a twelve month low of $55.12 and a twelve month high of $71.18. The business’s fifty day simple moving average is $64.98 and its two-hundred day simple moving average is $61.34. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.92 and a quick ratio of 0.69. The firm has a market capitalization of $56.96 billion, a price-to-earnings ratio of 16.42 and a beta of 1.64.

Occidental Petroleum (NYSE:OXY) last released its earnings results on Tuesday, May 7th. The oil and gas producer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.62 by $0.01. The firm had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $6.70 billion. Occidental Petroleum had a net margin of 16.24% and a return on equity of 20.63%. Occidental Petroleum’s quarterly revenue was down 17.2% on a year-over-year basis. During the same quarter last year, the company earned $1.09 EPS. Analysts predict that Occidental Petroleum will post 3.81 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OXY. Oppenheimer & Co. Inc. raised its holdings in 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 valued at $10,139,000 after buying an additional 12,349 shares in the last quarter. SeaCrest Wealth Management LLC lifted its stake in shares of Occidental Petroleum by 8.9% in the fourth quarter. SeaCrest Wealth Management LLC now owns 5,825 shares of the oil and gas producer’s stock worth $343,000 after buying an additional 474 shares during the last quarter. Cullen Investment Group LTD. acquired a new stake in shares of Occidental Petroleum in the fourth quarter valued at about $1,006,000. J.P. Morgan Private Wealth Advisors LLC acquired a new position in shares of Occidental Petroleum during the 3rd quarter worth about $29,665,000. Finally, Koshinski Asset Management Inc. grew its holdings in Occidental Petroleum by 53.9% in the 4th quarter. Koshinski Asset Management Inc. now owns 48,179 shares of the oil and gas producer’s stock valued at $2,877,000 after buying an additional 16,871 shares during the last quarter. Institutional investors and hedge funds own 88.70% of the company’s stock.

About Occidental Petroleum

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.