Occidental Petroleum (NYSE:OXY) Price Target Cut to $53.00 by Analysts at Wells Fargo & Company

Occidental Petroleum (NYSE:OXY) had its target price lowered by stock analysts at Wells Fargo & Company from $56.00 to $53.00 in a report released on Monday,Benzinga reports. The firm 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 10.30% from the stock’s current price.

OXY has been the topic of a number of other reports. StockNews.com lowered shares of Occidental Petroleum from a “hold” rating to a “sell” rating in a research note on Monday, December 2nd. Bank of America initiated coverage on Occidental Petroleum in a research report on Thursday, October 17th. They issued a “neutral” rating and a $57.00 price target on the stock. Citigroup decreased their price objective on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating for the company in a research report on Tuesday, November 26th. Jefferies Financial Group boosted their target price on Occidental Petroleum from $53.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Finally, Susquehanna decreased their price target on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a report on Thursday, November 14th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $62.75.

Occidental Petroleum Price Performance

OXY stock opened at $48.05 on Monday. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $45.09 billion, a P/E ratio of 12.51 and a beta of 1.57. The business has a 50 day simple moving average of $51.37 and a 200-day simple moving average of $55.86. Occidental Petroleum has a twelve month low of $47.20 and a twelve month high of $71.18.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds have recently added to or reduced their stakes in the business. Fortitude Family Office LLC increased its stake in shares of Occidental Petroleum by 160.0% during the 3rd quarter. Fortitude Family Office LLC now owns 494 shares of the oil and gas producer’s stock worth $25,000 after purchasing an additional 304 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new position in Occidental Petroleum during the third quarter worth $32,000. Transamerica Financial Advisors Inc. acquired a new position in shares of Occidental Petroleum in the third quarter worth $50,000. Strategic Financial Concepts LLC purchased a new stake in shares of Occidental Petroleum in the second quarter valued at $53,000. Finally, LRI Investments LLC boosted its stake in shares of Occidental Petroleum by 34.6% during the second quarter. LRI Investments LLC now owns 906 shares of the oil and gas producer’s stock valued at $57,000 after acquiring an additional 233 shares during the last quarter. 88.70% of the stock is currently owned by hedge funds and other institutional investors.

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.