Goldman Sachs Upgrades Oxy Stock to Buy with $69 Price Target

Occidental Petroleum stock received a boost from Goldman Sachs' upgrade to 'Buy' from 'Neutral', along with a price target increase to $69. This move was announced on October 1, 2026, and reflected in the stock's closing price of $58.10 on the NYSE on October 2, 2026.

The upgraded rating cited Occidental's advanced recovery approach, debt reduction outlook, and potential for dividend growth as key factors. Goldman Sachs also pointed to the company's initiative targeting $4.0 billion in cash flow improvement by 2030.

Oxy's adjusted second-quarter earnings of $2.40 per share beat the consensus estimate of $1.86, while revenue reached $8.33 billion against expectations of $7.22 billion. This result gives the upgrade a solid operating backdrop.