Occidental Petroleum (NYSE:OXY) Given New $53.00 Price Target at Wells Fargo & Company

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

Other equities analysts have also issued research reports about the stock. Mizuho decreased their price objective on shares of Occidental Petroleum from $76.00 to $72.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. 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 target price for the company. BMO Capital Markets dropped their price target on Occidental Petroleum from $70.00 to $65.00 and set a “market perform” rating on the stock in a research report on Friday, October 4th. Susquehanna reduced their price objective on Occidental Petroleum from $77.00 to $65.00 and set a “positive” rating for the company in a research note on Thursday, November 14th. Finally, Citigroup lowered their target price on Occidental Petroleum from $57.00 to $56.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 26th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $63.10.

Occidental Petroleum Price Performance

OXY stock opened at $48.74 on Monday. The firm has a 50-day moving average of $51.37 and a two-hundred day moving average of $55.86. 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 one year low of $47.20 and a one year high of $71.18.

Occidental Petroleum Announces Dividend

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

Hedge Funds Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. H&H International Investment LLC lifted its position in shares of Occidental Petroleum by 497.7% during the 3rd quarter. H&H International Investment LLC now owns 9,223,700 shares of the oil and gas producer’s stock worth $475,389,000 after purchasing an additional 7,680,598 shares during the last quarter. Himalaya Capital Management LLC acquired a new position in shares of Occidental Petroleum during the second quarter worth approximately $92,433,000. Sarasin & Partners LLP bought a new stake in shares of Occidental Petroleum in the second quarter valued at approximately $63,880,000. Anson Funds Management LP grew its stake in shares of Occidental Petroleum by 3,645.8% in the third quarter. Anson Funds Management LP now owns 765,486 shares of the oil and gas producer’s stock worth $39,453,000 after acquiring an additional 745,050 shares during the last quarter. Finally, Scharf Investments LLC bought a new position in Occidental Petroleum during the second quarter worth $42,744,000. Institutional investors and hedge funds own 88.70% of the company’s stock.

Occidental Petroleum Company Profile

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.