Goldman Sachs boosts Occidental Petroleum price target to USD 69.00
Goldman Sachs has raised its price target for Occidental Petroleum (ISIN US6745991058) to USD 69.00, up from USD 63.00, while upgrading the stock from Neutral to Buy. The move, announced on October 1, 2026, reflects the firm's optimism about the company's debt reduction efforts, dividend growth potential, and enhanced oil recovery strategy. Goldman also highlighted Occidental's goal of achieving USD 4.00 billion in cash flow improvement by 2030.
Occidental's second-quarter 2026 results provided the catalyst for Goldman's upgrade. The company reported adjusted earnings of USD 2.40 per share, surpassing the Zacks consensus estimate of USD 1.92 by 25.00 percent. Revenue for the quarter rose 57.10 percent year over year to USD 8.33 billion, exceeding expectations by 16.00 percent. Production reached 1.433 million barrels of oil equivalent per day, outpacing the high end of the company's guidance range.
As of October 5, 2026, Occidental Petroleum was trading at EUR 51.64 at Lang & Schwarz, down 0.04 percent from the prior close of EUR 51.66. The company's market capitalization stands at USD 57.8 billion, with a 52-week range of USD 38.80 to 67.45. The next test for the stock will come with the release of third-quarter 2026 results on November 9, 2026, followed by a conference call on November 10, 2026.
The upcoming earnings report will be crucial in determining whether Occidental can sustain the production and cash generation needed to support the optimistic outlook presented in Goldman's upgrade. Investors will be watching closely to see if the company can meet these expectations.