Wells Fargo’s Outlook for This Canada’s Energy Sector Company

By Austin Angelo

Wells Fargo analyst Roger Read maintained a Hold rating on Occidental Petroleum (OXYResearch Report) today and set a price target of $48. The company’s shares closed last Monday at $44.57, close to its 52-week low of $43.08.

According to TipRanks.com, Read is a 2-star analyst with an average return of 0.0% and a 47.3% success rate. Read covers the Basic Materials sector, focusing on stocks such as Valero Energy Corp, Conocophillips, and Exxon Mobil.

Occidental Petroleum has an analyst consensus of Moderate Buy, with a price target consensus of $62, implying a 40.5% upside from current levels. In a report issued on August 12, Evercore ISI also downgraded the stock to Hold.

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Occidental Petroleum’s market cap is currently $39.87B and has a P/E ratio of 8.82. The company has a Price to Book ratio of 1.56.

Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of OXY in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil & Gas, Chemical and Midstream & Marketing. The Oil & Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.