Goldman Sachs upgrades Occidental Petroleum stock to Buy

Published on 10/13/2026 at 12:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Q2 revenue hit USD 8.33 billion, up 30.00 percent year over year. Occidental Petroleum stock was EUR 54.73 on October 13, 2026.

Key points in brief

Goldman Sachs upgraded Occidental Petroleum from Neutral to Buy and raised its target from USD 63.00 to USD 69.00 on October 1, 2026.
Second-quarter 2026 revenue reached USD 8.33 billion, up 30.00 percent year over year, while net income reached USD 2.81 billion.
The stock was trading at EUR 54.73 at Lang & Schwarz on October 13, 2026 at 12:06 p.m. CEST; market capitalization was USD 60.8 billion as of October 12, 2026.

Extreme Makrofotografie eines glänzenden Rohöltropfens neben gerilltem Stahlventilgewinde — Occidental Petroleum US6745991058 in extremer Makroaufnahme eines glänzenden Rohöltropfens neben gerilltem Stahlventilgewinde detailreich festgehalten, Illustration mit AI erstellt.

Occidental Petroleum (ISIN US6745991058) was trading at EUR 54.73 at Lang & Schwarz on October 13, 2026 at 12:06 p.m. CEST. Goldman Sachs upgraded Occidental Petroleum from Neutral to Buy and lifted its price target from USD 63.00 to USD 69.00 on October 1, 2026, according to Business Insider.

Goldman targets debt reduction

The Goldman view puts debt reduction and dividend growth at the center of the investment case. The target increase from USD 63.00 to USD 69.00 represents a 9.52 percent rise in the target itself, calculated against the former USD 63.00 target.

Business Insider reported that analyst Neil Mehta also cited a USD 4.00 billion cash flow improvement initiative through 2030. The combination gives the rating change a measurable operational angle rather than a purely valuation-based argument.

Three dated operating signals

On August 5, 2026, Occidental reported second-quarter revenue of USD 8.33 billion, up 30.00 percent from the second quarter of 2025. Net income reached USD 2.81 billion, compared with USD 0.26 billion in the year-earlier quarter, while earnings per share reached USD 2.80 versus USD 0.27, according to Simply Wall St.

On August 7, 2026, the company declared a quarterly dividend of USD 0.28 per share, payable on October 15, 2026, the same source reported. On October 1, 2026, Goldman Sachs supplied the latest analyst event with its Buy upgrade and USD 69.00 target.

What dates shape the next update?

Simply Wall St lists October 15, 2026 as the dividend payment date and November 9, 2026 as the scheduled release date for third-quarter 2026 results. Those dates give the market two concrete tests for the debt reduction and cash generation narrative.

Oxy describes its operations as spanning energy production, essential chemicals and carbon innovation, including direct air capture in the Permian Basin, according to the company's Occidental Petroleum website. That mix leaves quarterly cash generation and capital allocation as the clearest figures for assessing whether the Goldman thesis is gaining support.

Stock remains below yearly high

Occidental Petroleum had a USD 60.8 billion market capitalization and a USD 38.80 to USD 67.45 52-week range as of October 12, 2026. The Lang & Schwarz euro quote therefore sits alongside a US market valuation that remains below the reported yearly high, while the next earnings date provides the next scheduled operating checkpoint. The further course of trading is shown by the continuously updated real-time quote of Occidental Petroleum stock.