Goldman Sachs upgrades Occidental Petroleum stock to Buy

Published on 10/07/2026 at 14:46 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adjusted earnings hit USD 2.40 per share versus USD 1.86 expected. Occidental Petroleum stock costs EUR 52.72 on October 7, 2026 after EUR 51.84.

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Occidental Petroleum (ISIN US6745991058) was trading at EUR 52.72 at Lang & Schwarz on October 7, 2026 at 2:38 p.m. CEST, up 1.70 percent versus the prior close of EUR 51.84. The central catalyst is Goldman Sachs upgrading the company to Buy from Neutral and raising its price target from USD 63.00 to USD 69.00 on October 1, 2026, as reported by Investing.com.

Goldman targets debt reduction

Goldman Sachs cited Occidental's self-help program, debt reduction outlook and dividend growth potential. The plan targets USD 4.00 billion in cash flow improvement by 2030, giving the upgrade a measurable operational basis rather than relying only on valuation.

The same Investing.com report said Wells Fargo raised its target from USD 79.00 to USD 82.00 while keeping an Overweight rating. That creates a second bullish reference, although both targets remain in US dollars and are not directly comparable with the Lang & Schwarz euro quote.

Second-quarter figures beat estimates

Occidental's second-quarter 2026 adjusted earnings reached USD 2.40 per share versus a USD 1.86 consensus estimate. Revenue came to USD 8.33 billion versus USD 7.22 billion expected, while free cash flow reached USD 3.00 billion, according to Investing.com.

The comparison with estimates is important for the stock because it links the debt story to cash generation. Occidental also operates across oil and gas, midstream and marketing, and essential chemicals, leaving results exposed to both production execution and commodity pricing.

Stock remains below its yearly high

Finance data showed a market capitalization of USD 58.0 billion as of October 6, 2026. The 52-week range was USD 38.80 to USD 67.45, placing the latest primary-market reference below the yearly high while the Lang & Schwarz quote moved higher on October 7.

Stock Analysis lists November 9, 2026, for Occidental's third-quarter results announcement and November 10, 2026, for the conference call, in a company event carried on its market page. The dates give investors the next scheduled test of the debt-reduction and cash-flow narrative.

Goldman upgrade sets the tone

On the NYSE, Occidental's primary-market quote was USD 58.33 at 4:00 p.m. EDT on October 6, 2026. The broader picture combines a 1.70 percent Lang & Schwarz gain, second-quarter adjusted earnings above consensus by USD 0.54 per share, and a USD 69.00 Goldman Sachs target that is USD 6.00 above its previous level. The further course of trading is shown by the continuously updated real-time quote of Occidental Petroleum stock.