Goldman Sachs adds Occidental Petroleum stock to conviction list

Published on 10/01/2026 at 14:44 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Goldman Sachs sets a USD 69.00 target and keeps Buy. Occidental Petroleum stock costs EUR 49.32 on October 1, 2026 versus EUR 48.87, plus 0.92 percent.

Fotorealistische Ölförderpumpen in trockener Wüstenlandschaft des Permian-Basin bei Abendlicht — Occidental Petroleum US6745991058 zeigt fotorealistische Ölförderpumpen im weiten Permian-Basin bei stimmungsvollem Sonnenuntergang heute, Illustration mit AI erstellt.

Occidental Petroleum (ISIN US6745991058) was trading at EUR 49.32 at Lang & Schwarz on October 1, 2026 at 2:37 p.m. CEST, plus 0.92 percent versus the prior close of EUR 48.87. On October 1, 2026, GuruFocus reported that Goldman Sachs added Occidental Petroleum to its US Conviction List and maintained a Buy rating with a USD 69.00 price target.

Goldman highlights recovery technology

The Goldman Sachs view centers on enhanced oil recovery techniques designed to extend the productive life of shale reserves and improve capital efficiency, according to the October 1, 2026 report. That emphasis gives investors a more specific angle than a broad oil-price call because it links Occidental's operating strategy with reserve productivity.

The target is also distinct from the stock's euro quotation. The USD 69.00 figure is an analyst valuation in US dollars, while EUR 49.32 is the Lang & Schwarz reference price for German-market investors.

Second-quarter earnings set a high bar

Occidental's second-quarter 2026 results provide the operating benchmark. MarketBeat reported that adjusted earnings reached USD 2.40 per share versus USD 1.83 consensus for the quarter, a USD 0.57 beat. Revenue was USD 8.06 billion, up 53.40 percent year over year.

The earnings call added another operating measure. According to Fortune on August 6, 2026, reported earnings were USD 2.75 per diluted share, adjusted earnings were USD 2.40, and production averaged 1.43 million barrels of oil equivalent per day. The split between reported and adjusted earnings matters because the quarter included mark-to-market effects in marketing and crude hedges.

Stock remains below its yearly high

Occidental Petroleum's primary listing is on the NYSE. The stock's USD 38.80 to USD 67.45 52-week range and USD 55.0 billion market capitalization, both as of September 30, 2026, frame the current valuation for US-market investors.

For investors, the key contrast is clear: the latest quarterly figures showed adjusted earnings of USD 2.40 per share against USD 1.83 consensus, while the current market quotation remains below the USD 69.00 Goldman Sachs target. The comparison is informative but does not constitute a recommendation.

Occidental Petroleum stock price in euros

Occidental Petroleum stock was trading at EUR 49.32 at Lang & Schwarz on October 1, 2026 at 2:37 p.m. CEST, plus 0.92 percent versus the Lang & Schwarz prior close of EUR 48.87 on September 30, 2026.