Wells Fargo & Company Has Lowered Expectations for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its target price cut by Wells Fargo & Company from $56.00 to $53.00 in a research note released on Monday morning,Benzinga reports. They currently have an equal weight rating on the oil and gas producer’s stock.

Several other equities research analysts have also issued reports on OXY. The Goldman Sachs Group began coverage on shares of Occidental Petroleum in a report on Wednesday, October 2nd. They issued a “neutral” rating and a $55.00 price target on the stock. Wolfe Research increased their price target on shares of Occidental Petroleum from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Barclays cut their price target on shares of Occidental Petroleum from $67.00 to $58.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. StockNews.com cut Occidental Petroleum from a “hold” rating to a “sell” rating in a report on Monday, December 2nd. Finally, Raymond James boosted their price target on Occidental Petroleum from $77.00 to $78.00 and gave the company a “strong-buy” rating in a research note on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $63.10.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $48.74 on Monday. The firm has a market capitalization of $45.73 billion, a PE ratio of 12.69 and a beta of 1.57. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 0.96. Occidental Petroleum has a 1-year low of $47.20 and a 1-year high of $71.18. The business’s 50 day moving average is $51.37 and its 200-day moving average is $55.86.

Occidental Petroleum Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 10th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $0.88 annualized dividend and a dividend yield of 1.81%. Occidental Petroleum’s dividend payout ratio (DPR) is currently 22.92%.

Hedge Funds Weigh In On Occidental Petroleum

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in Occidental Petroleum by 3.3% in the third quarter. Geode Capital Management LLC now owns 13,846,890 shares of the oil and gas producer’s stock worth $710,886,000 after purchasing an additional 444,850 shares during the period. H&H International Investment LLC lifted its holdings in Occidental Petroleum by 497.7% in the third quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock valued at $475,389,000 after buying an additional 7,680,598 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Occidental Petroleum by 2.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,007,770 shares of the oil and gas producer’s stock valued at $206,560,000 after acquiring an additional 98,703 shares during the last quarter. American Century Companies Inc. grew its holdings in Occidental Petroleum by 16.8% during 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 acquiring an additional 532,318 shares during the period. Finally, Swiss National Bank raised its position in shares of Occidental Petroleum by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,973,614 shares of the oil and gas producer’s stock valued at $101,720,000 after acquiring an additional 5,200 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.