Occidental Petroleum (NYSE:OXY) Given New $79.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo raised Occidental Petroleum’s price target to $79 from $72 and maintained an “overweight” rating, implying approximately 41.5% upside from the reported $55.83 share price.
• Occidental reported quarterly earnings of $2.40 per share, beating the $1.83 consensus estimate, while revenue rose 53.4% year over year to $8.06 billion.
• Analyst sentiment remains mixed: OXY has 10 Buy ratings and 16 Hold ratings, resulting in an overall “Hold” consensus and an average price target of $64.61.

Occidental Petroleum (NYSE:OXY - Get Free Report) had its target price upped by equities research analysts at Wells Fargo & Company from $72.00 to $79.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "overweight" rating on the oil and gas producer's stock. Wells Fargo & Company's price objective would suggest a potential upside of 41.49% from the stock's current price.

A number of other equities research analysts have also issued reports on OXY. Stephens dropped their price target on Occidental Petroleum from $73.00 to $69.00 and set an "overweight" rating for the company in a research report on Tuesday, July 14th. Mizuho lifted their price objective on Occidental Petroleum from $72.00 to $75.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. The Goldman Sachs Group lowered their price objective on Occidental Petroleum from $64.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 30th. Morgan Stanley cut their target price on Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a research note on Friday, June 26th. Finally, Roth Capital boosted their price target on shares of Occidental Petroleum from $45.00 to $55.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $64.61.

Occidental Petroleum Stock Performance

OXY opened at $55.83 on Friday. The firm has a market capitalization of $55.53 billion, a PE ratio of 8.64, a PEG ratio of 0.79 and a beta of 0.15. Occidental Petroleum has a twelve month low of $38.80 and a twelve month high of $67.45. The firm's 50-day moving average price is $54.22 and its 200 day moving average price is $54.38. The company has a current ratio of 1.21, a quick ratio of 1.01 and a debt-to-equity ratio of 0.49.

Occidental Petroleum (NYSE:OXY - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $2.40 EPS for the quarter, beating analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.93%. The company had revenue of $8.06 billion during the quarter, compared to the consensus estimate of $7.07 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. Occidental Petroleum's quarterly revenue was up 53.4% on a year-over-year basis. As a group, sell-side analysts expect that Occidental Petroleum will post 5.35 EPS for the current fiscal year.

Insider Transactions at Occidental Petroleum

In related news, CEO Richard A. Jackson bought 4,770 shares of the firm's stock in a transaction on Tuesday, June 23rd. The shares were bought at an average price of $52.38 per share, with a total value of $249,852.60. Following the completion of the transaction, the chief executive officer directly owned 444,098 shares of the company's stock, valued at $23,261,853.24. This represents a 1.09% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.50% of the company's stock.

Hedge Funds Weigh In On Occidental Petroleum

Several large investors have recently made changes to their positions in OXY. National Pension Service raised its stake in Occidental Petroleum by 13.0% in the fourth quarter. National Pension Service now owns 1,084,356 shares of the oil and gas producer's stock valued at $44,589,000 after buying an additional 124,879 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Occidental Petroleum by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 89,900,677 shares of the oil and gas producer's stock worth $3,696,716,000 after acquiring an additional 699,137 shares in the last quarter. Hosking Partners LLP increased its holdings in shares of Occidental Petroleum by 4.9% in the 4th quarter. Hosking Partners LLP now owns 577,368 shares of the oil and gas producer's stock valued at $23,741,000 after acquiring an additional 27,030 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Occidental Petroleum by 22.9% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 120,385 shares of the oil and gas producer's stock valued at $4,950,000 after acquiring an additional 22,439 shares during the last quarter. Finally, Swiss National Bank raised its position in shares of Occidental Petroleum by 7.2% during the 1st quarter. Swiss National Bank now owns 2,168,414 shares of the oil and gas producer's stock worth $140,947,000 after acquiring an additional 145,100 shares in the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Occidental Petroleum

Here are the key news stories impacting Occidental Petroleum this week:

• Positive Sentiment: Strong Q2 earnings beat: Adjusted earnings per share reached $2.40, above the $1.83 consensus estimate, while revenue rose roughly 53% year over year to $8.07 billion, supported by higher oil-price realizations and stronger midstream results. Occidental Q2 Earnings Beat on Oil Prices and Midstream Strength
• Positive Sentiment: Cash generation and deleveraging improved: Occidental generated its strongest quarterly free cash flow since 2022 and reduced principal debt by $1.9 billion to $11.8 billion, the company’s lowest debt level in seven years. Management also outlined a path toward $4 billion in annual sustainable cash flow by 2030. Occidental Petroleum Q2 2026 Earnings Call Highlights
• Positive Sentiment: Shareholder returns increased: The quarterly dividend was raised 7.7% to $0.28 per share, signaling confidence in balance-sheet progress and recurring cash flow. Occidental Petroleum Quarterly Earnings Report
• Positive Sentiment: Analyst support strengthened: Barclays raised its price target from $72 to $75 and maintained an “overweight” rating, implying substantial upside from the reference price. Barclays Raises Occidental Price Target
• Neutral Sentiment: 2027 plans emphasize discipline: Occidental expects production and capital spending to remain broadly flat next year while continuing to prioritize debt reduction. This supports financial stability but suggests limited near-term production growth. Occidental Sees Flat Spending and Output in 2027
• Negative Sentiment: Commodity-price risk remains: The earnings improvement benefited from a sharp increase in realized crude prices, leaving future results exposed to oil-price volatility. Reports of oil weakness linked to potential U.S.-Iran peace talks could pressure sentiment toward OXY. Occidental in Focus as Oil Slides on U.S.-Iran Peace Talks

About Occidental Petroleum

Occidental Petroleum Corporation (OXY) is an international energy company engaged primarily in the exploration, production and marketing of oil and natural gas. The company conducts upstream activities to discover and produce hydrocarbons and operates complementary midstream and marketing functions to transport and sell its production. Occidental also owns a chemicals business that manufactures and sells industrial chemicals and related products for a range of end markets.

Occidental's operations are concentrated in the United States, with a significant presence in the Permian Basin, and it maintains exploration and production activities in several international regions, including parts of the Middle East, Latin America and Africa.

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