Goldman Sachs boosts Occidental Petroleum price target to $69 with Buy upgrade

Goldman Sachs has raised its price target for Occidental Petroleum, lifting it from USD 63.00 to USD 69.00 while upgrading the stock to a Buy rating. The move, announced on October 1, 2026, reflects optimism about the company’s strategy for debt reduction, dividend growth, and enhanced oil recovery efforts. The investment bank also highlighted Occidental’s goal of achieving USD 4.00 billion in cash flow improvement by 2030.

As of October 5, 2026, Occidental Petroleum’s stock was trading at EUR 51.64 on Lang & Schwarz, down slightly from EUR 51.66 the previous day. The upgrade from Goldman Sachs comes on the heels of a strong second-quarter 2026 performance, where the company reported adjusted earnings of USD 2.40 per share, surpassing the Zacks consensus estimate of USD 1.92 by 25%. The actual earnings reported were even higher, at USD 2.75 per share, a dramatic increase from USD 0.26 per share in the same quarter the prior year.

Revenue for the quarter surged 57.1% year over year to USD 8.33 billion, exceeding expectations and the consensus estimate of USD 7.18 billion by 16%. Production levels also outperformed forecasts, reaching 1.433 million barrels of oil equivalent per day, above the projected range of 1.390 million to 1.430 million barrels. The company’s next earnings report for the third quarter of 2026 is scheduled for release after market close on November 9, 2026, with a conference call set for November 10, 2026.

As of October 5, 2026, Occidental Petroleum, listed under ticker OXY on the NYSE, had a market capitalization of USD 57.8 billion. Its 52-week trading range stood between USD 38.80 and USD 67.45. Investors are closely watching the stock’s movements as they await further updates on the company’s performance.