Goldman Sachs raises target for Occidental Petroleum stock to USD 69.00
Published on 10/05/2026 at 11:39 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Occidental Petroleum (ISIN US6745991058) has a new USD 69.00 price target from Goldman Sachs, raised from USD 63.00 in a Buy upgrade dated October 1, 2026, according to Markets Insider. Occidental Petroleum stock was trading at EUR 51.64 at Lang & Schwarz on October 5, 2026 at 11:35 a.m. CEST, down 0.04 percent versus the prior close of EUR 51.66.
Goldman targets debt reduction
The Goldman upgrade points to Occidental's debt reduction, dividend growth potential and enhanced oil recovery strategy, according to Markets Insider. The note also described a company target of USD 4.00 billion in cash flow improvement by 2030.
The target revision came after a strong second quarter. Goldman Sachs moved the rating from Neutral to Buy while lifting the target by USD 6.00, a 9.52 percent increase from the previous USD 63.00 level.
Second-quarter results reset the base
Occidental reported adjusted earnings of USD 2.40 per share for the second quarter of 2026, beating the Zacks consensus estimate of USD 1.92 by 25.00 percent, Zacks reported. Reported earnings were USD 2.75 per share, compared with USD 0.26 per share in the year-ago quarter.
Second-quarter revenue rose 57.10 percent year over year to USD 8.33 billion and exceeded the USD 7.18 billion consensus estimate by 16.00 percent, according to Zacks. Production reached 1.433 million barrels of oil equivalent per day, above the high end of the 1.390 million to 1.430 million guidance range.
November results set the next test
Occidental is scheduled to announce third-quarter 2026 results after the market close on November 9, 2026, followed by a conference call on November 10, 2026, according to StockTitan. The next report will test whether production and cash generation can support the debt and dividend case behind the Goldman upgrade.
At Lang & Schwarz, Occidental Petroleum was trading at EUR 51.64 on October 5, 2026 at 11:35 a.m. CEST, minus 0.04 percent versus the prior close of EUR 51.66. The further course of trading is shown by the continuously updated real-time quote of Occidental Petroleum stock.
Occidental Petroleum stock facts
- Company: Occidental Petroleum Corporation
- ISIN: US6745991058
- Ticker: OXY
- Primary exchange: NYSE
- Price Lang & Schwarz as of October 5, 2026 at 11:35 a.m. CEST: EUR 51.64
- Change versus prior close: minus 0.04 percent
- Prior close Lang & Schwarz (October 2, 2026): EUR 51.66
- Market capitalization: USD 57.8 billion (as of October 2, 2026)
- 52-week range: USD 38.80-67.45 (as of October 2, 2026)
- Sector / Industry: Energy / Oil and Gas Production
- Next earnings date: November 9, 2026
