Wolfe Research Forecasts Strong Price Appreciation for Occidental Petroleum (NYSE:OXY) Stock

Occidental Petroleum (NYSE:OXY) had its target price lifted by equities research analysts at Wolfe Research from $73.00 to $75.00 in a report released on Tuesday. The firm presently has a “buy” rating on the oil and gas producer’s stock. Wolfe Research’s price target points to a potential upside of 46.71% from the company’s previous close.

A number of other brokerages have also recently commented on OXY. Scotiabank reduced their price objective on Occidental Petroleum from $80.00 to $65.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $56.00 price target on shares of Occidental Petroleum in a report on Friday, November 8th. The Goldman Sachs Group started coverage on Occidental Petroleum in a report on Wednesday, October 2nd. They set a “neutral” rating and a $55.00 price target on the stock. Evercore ISI dropped their price target on Occidental Petroleum from $67.00 to $63.00 and set an “underperform” rating on the stock in a report on Monday, September 30th. Finally, Raymond James lowered their target price on Occidental Petroleum from $85.00 to $77.00 and set a “buy” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Occidental Petroleum presently has an average rating of “Hold” and a consensus price target of $64.30.

Occidental Petroleum Trading Up 1.7 %

Shares of Occidental Petroleum stock opened at $51.12 on Tuesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.75 and a current ratio of 1.04. Occidental Petroleum has a 52 week low of $48.42 and a 52 week high of $71.18. The stock has a 50 day moving average price of $51.97 and a two-hundred day moving average price of $57.72. The stock has a market capitalization of $46.30 billion, a PE ratio of 13.31 and a beta of 1.58.

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. grew its position in Occidental Petroleum by 2.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock worth $206,560,000 after buying an additional 98,703 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Occidental Petroleum by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,707,555 shares of the oil and gas producer’s stock worth $233,687,000 after purchasing an additional 532,318 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Occidental Petroleum by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock worth $101,720,000 after purchasing an additional 5,200 shares in the last quarter. Epoch Investment Partners Inc. boosted its holdings in shares of Occidental Petroleum by 20.1% in the 2nd quarter. Epoch Investment Partners Inc. now owns 1,661,231 shares of the oil and gas producer’s stock worth $104,707,000 after purchasing an additional 277,462 shares in the last quarter. Finally, National Pension Service boosted its holdings in shares of Occidental Petroleum by 9.4% in the 3rd quarter. National Pension Service now owns 1,556,461 shares of the oil and gas producer’s stock worth $80,220,000 after purchasing an additional 133,546 shares in 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.