Goldman Sachs Upgrades Occidental Petroleum Stock to Buy

Goldman Sachs has upgraded the stock of Occidental Petroleum to 'Buy' from 'Neutral', a move that reflects the company's efforts to improve its cash flow by $4 billion by 2030. The upgrade comes after Occidental reported adjusted earnings of $2.40 per share in the second quarter of 2026, exceeding the consensus of $1.86.

The company's revenue reached $8.33 billion, surpassing expectations by $1.11 billion, and its free cash flow hit $3 billion. The upgrade is a significant boost to Occidental's stock, which has been trading below its yearly high of $67.45.

Occidental will announce its third-quarter 2026 results on November 9, providing another key checkpoint for the company's progress toward its cash-flow improvement target.