Goldman Sachs upgrades Occidental Petroleum stock to Buy

Published on 10/02/2026 at 12:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted earnings hit USD 2.40 per share in the second quarter. Occidental Petroleum stock costs EUR 50.77 on October 2, 2026 versus EUR 51.36.

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Occidental Petroleum (ISIN US6745991058) was trading at EUR 50.77 at Lang & Schwarz on October 2, 2026 at 12:13 p.m. CEST, down 1.15 percent versus the EUR 51.36 prior close. On October 1, 2026, Investing.com reported that Goldman Sachs upgraded the stock from Neutral to Buy and raised its price target from USD 63.00 to USD 69.00.

Debt reduction drives the upgrade

The Goldman Sachs call builds on Occidental's plan to improve cash flow by USD 4.00 billion by 2030. The target is material because it links the rating change to balance-sheet repair and potential dividend growth rather than to a single oil-price move.

Investing.com said Occidental reported adjusted earnings of USD 2.40 per share in the second quarter of 2026, above the USD 1.86 consensus. Revenue reached USD 8.33 billion versus USD 7.22 billion expected, while free cash flow reached USD 3.00 billion.

Second-quarter figures raise the bar

The earnings comparison gives the upgrade a measurable operating base: adjusted earnings exceeded consensus by USD 0.54 per share, while revenue surpassed expectations by USD 1.11 billion. That combination makes the next report important for testing whether the second-quarter performance can support the longer-term cash-flow plan.

Market data put Occidental Petroleum's market capitalization at USD 57.5 billion on October 1, 2026. The same quote context showed a 52-week range of USD 38.80 to USD 67.45, leaving the Lang & Schwarz euro quote below the upper end of the company's primary-market range without combining the two currencies. ARIVA identifies the security as OXY on the NYSE and places it in the S&P 100.

Next results arrive November 9

StockTitan reported on October 1, 2026 that Occidental will announce third-quarter 2026 results after the market close on November 9, 2026, followed by a conference call on November 10. The date gives the market a defined checkpoint for revenue, adjusted earnings and progress toward the USD 4.00 billion cash-flow improvement target.

Stock remains below its yearly high

Occidental Petroleum was trading at EUR 50.77 at Lang & Schwarz on October 2, 2026 at 12:13 p.m. CEST, minus 1.15 percent versus the EUR 51.36 prior close. The further course of trading is shown by the continuously updated real-time quote of Occidental Petroleum stock.