Occidental Petroleum stock gets a Buy upgrade and USD 69 target

Published on 10/04/2026 at 18:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Occidental Petroleum stock closed at USD 58.10 on October 2 after Goldman Sachs raised its target to USD 69. Second-quarter adjusted EPS beat consensus by USD 0.54.

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Occidental Petroleum (ISIN US6745991058) stock closed at USD 58.10 on the NYSE on October 2, 2026, up 0.44 percent from USD 57.84. The immediate catalyst was Goldman Sachs upgrading the shares to Buy from Neutral and raising its price target from USD 63 to USD 69 on October 1, 2026, according to Investing.com.

Goldman Sachs lifts its target

Goldman Sachs cited Occidental's advanced recovery approach, debt reduction outlook and potential for dividend growth in its October 1, 2026, upgrade, Investing.com reported. The firm also pointed to a company initiative targeting USD 4.0 billion in cash flow improvement by 2030.

The new USD 69 target stands USD 10.90 above the October 2 close, or 18.8 percent above the stock price. Goldman Sachs therefore supplied a more bullish individual view than the wider analyst panel, while the article's market reaction remained measured at 0.44 percent for the session.

Second-quarter beat sets the base

Occidental's adjusted second-quarter 2026 earnings reached USD 2.40 per share, compared with a USD 1.86 consensus estimate, while revenue reached USD 8.33 billion against USD 7.22 billion expected, according to Investing.com. The earnings comparison put adjusted EPS USD 0.54 above consensus and revenue USD 1.11 billion above expectations.

The result gives the upgrade a concrete operating backdrop, but the consensus picture remains restrained. MarketBeat lists a Hold consensus from 27 analysts, with 11 Buy ratings and 16 Hold ratings, alongside an average price target of USD 65.54.

Stock stays below yearly high

The average target is USD 7.44 above the October 2 close, equal to 12.8 percent upside, while the high target is USD 82.00 and the low target is USD 45.00, according to MarketBeat. That spread shows why the Goldman Sachs upgrade matters: the new individual target sits above the consensus average, but below the most optimistic published target.

Occidental's October 2 trading range was USD 56.81 to USD 58.16, with volume of 8.88 million shares and market capitalization of USD 58.08 billion. The 52-week range was USD 38.80 to USD 67.45, leaving the close USD 9.35 below the yearly high.

Next results arrive in November

Occidental will announce third-quarter 2026 results after the market closes on November 9, 2026, and hold its conference call on November 10, 2026, according to Markets Insider. The dates give investors a defined checkpoint for testing whether debt reduction and cash flow improvement are translating into the next reported quarter.

Occidental Petroleum stock remains range bound

Occidental Petroleum stock closed at USD 58.10 on the NYSE on October 2, 2026, with the USD 67.45 52-week high still above the market price. Occidental operates oil and gas, midstream and marketing, chemicals and lower-carbon businesses, as described by Oxy.