Goldman Sachs boosts Occidental Petroleum target to $69

Goldman Sachs has raised its price target for Occidental Petroleum (OXY) from $63 to $69, upgrading the stock from Neutral to Buy. The move comes as the energy company's stock traded at $58.59 on the NYSE on October 6, 2026. Goldman cited Occidental's advanced recovery technology, debt reduction efforts, and potential for dividend growth as key reasons for the upgrade. The bank also projected a potential $4.0 billion cash flow improvement by 2030, though this remains a longer-term target.

Occidental's second-quarter 2026 earnings per share beat estimates by 29%, reaching $2.40 against a consensus of $1.86. Revenue also surpassed expectations, hitting $8.33 billion compared to the estimated $7.22 billion. The company's diluted GAAP earnings per share for the quarter ended June 30, 2026, stood at $2.75.

Despite the positive outlook from Goldman, consensus among analysts remains cautious. A separate overview from AnaChart dated October 1, 2026, revealed that 22 analysts cover Occidental, with an average target price of $60.58, just 3.4% above the current stock price. Analysts' ratings were split, with 28.4% recommending Buy, 55.56% Hold, and 16.05% Sell. The upcoming third-quarter results, set to be released on November 9, 2026, will be crucial in determining whether the company can sustain its momentum.

As of October 6, 2026, Occidental's stock was trading at $58.59, up 0.47% from the prior close. The company's market capitalization is $58.3 billion, with a 52-week range of $38.80 to $67.45. The stock is currently trading 13.1% below its yearly high.