Occidental Petroleum (NYSE:OXY) Raised to "Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Occidental Petroleum to “Buy” from “Hold,” although the broader analyst consensus remains “Hold,” with an average price target of $64.61.
• Occidental reported a strong quarter, posting $2.40 in adjusted EPS versus the $1.83 consensus estimate and $8.06 billion in revenue, up 53.4% year over year.
• The stock opened at $55.92, while management continued focusing on debt reduction; CEO Richard A. Jackson also purchased roughly $250,000 worth of shares, and institutional investors own 88.7% of the company.

Occidental Petroleum (NYSE:OXY - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Other analysts also recently issued research reports about the stock. Citigroup reduced their target price on shares of Occidental Petroleum from $62.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, July 17th. Evercore upgraded shares of Occidental Petroleum from an "in-line" rating to an "outperform" rating and set a $65.00 price objective for the company in a research report on Wednesday, July 8th. Morgan Stanley reduced their price objective on Occidental Petroleum from $74.00 to $68.00 and set an "equal weight" rating for the company in a report on Friday, June 26th. Truist Financial decreased their target price on Occidental Petroleum from $65.00 to $57.00 and set a "hold" rating on the stock in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. dropped their price target on Occidental Petroleum from $64.00 to $63.00 in a report on Thursday, May 7th. Ten analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat.com, Occidental Petroleum has a consensus rating of "Hold" and an average price target of $64.61.

Occidental Petroleum Stock Down 0.2%

OXY stock opened at $55.92 on Friday. Occidental Petroleum has a 1-year low of $38.80 and a 1-year high of $67.45. The business's 50 day simple moving average is $54.21 and its 200 day simple moving average is $54.39. The company has a current ratio of 1.41, a quick ratio of 1.01 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $55.62 billion, a PE ratio of 8.66, a PEG ratio of 0.82 and a beta of 0.15.

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, topping analysts' consensus estimates of $1.83 by $0.57. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. The firm had revenue of $8.06 billion during the quarter, compared to analysts' expectations of $7.07 billion. During the same period in the previous year, the business posted $0.39 earnings per share. The company's revenue for the quarter was up 53.4% compared to the same quarter last year. As a group, research analysts anticipate that Occidental Petroleum will post 5.35 EPS for the current year.

Insider Activity

In other Occidental Petroleum news, CEO Richard A. Jackson bought 4,770 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were bought at an average cost of $52.38 per share, with a total value of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares of the company's stock, valued at $23,261,853.24. This trade represents a 1.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 0.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Occidental Petroleum

Large investors have recently added to or reduced their stakes in the stock. Woodline Partners LP grew its holdings in shares of Occidental Petroleum by 40.7% during the 1st quarter. Woodline Partners LP now owns 57,079 shares of the oil and gas producer's stock worth $2,817,000 after purchasing an additional 16,506 shares in the last quarter. Marshall Wace LLP acquired a new position in Occidental Petroleum in the second quarter valued at about $4,584,000. Federated Hermes Inc. lifted its position in Occidental Petroleum by 696.7% during the second quarter. Federated Hermes Inc. now owns 23,997 shares of the oil and gas producer's stock worth $1,008,000 after purchasing an additional 20,985 shares during the period. Daiwa Securities Group Inc. grew its stake in Occidental Petroleum by 7.4% during the second quarter. Daiwa Securities Group Inc. now owns 105,767 shares of the oil and gas producer's stock worth $4,443,000 after buying an additional 7,285 shares in the last quarter. Finally, AXA S.A. increased its holdings in Occidental Petroleum by 24.3% in the 2nd quarter. AXA S.A. now owns 136,625 shares of the oil and gas producer's stock valued at $5,740,000 after buying an additional 26,741 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Key Stories Impacting Occidental Petroleum

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

• Positive Sentiment: Q2 earnings significantly exceeded expectations. Adjusted earnings were $2.40 per share versus consensus estimates of roughly $1.83–$1.92, while revenue reached $8.07 billion, well above forecasts. Revenue increased more than 50% year over year. Occidental Q2 Earnings Beat on Oil Prices and Midstream Strength
• Positive Sentiment: Cash flow and leverage improved. OXY generated its strongest quarterly free cash flow since 2022 and reduced principal debt by $1.9 billion to $11.8 billion, its lowest level in seven years. Management also outlined a plan to generate more than $4 billion in annual sustainable cash-flow gains by 2030 through lower costs, reduced capital needs and balance-sheet improvement. Occidental Petroleum Q2 2026 Earnings Call Highlights
• Positive Sentiment: Shareholder returns and analyst sentiment strengthened. Occidental raised its quarterly dividend 7.7% to $0.28 per share. Wells Fargo raised its price target to $79 from $72 and Barclays lifted its target to $75 from $72; both maintain overweight ratings. Analyst price-target updates
• Neutral Sentiment: Operating performance was strong but commodity-sensitive. Global production averaged 1.433 million barrels of oil equivalent per day, above the high end of guidance, while realized crude prices rose sharply. Midstream and marketing income also exceeded guidance, but future results remain exposed to oil-price movements.
• Negative Sentiment: Management expects limited near-term growth. Occidental projects production and capital spending will remain roughly flat in 2027 while it continues prioritizing debt reduction. That discipline supports deleveraging but may reduce expectations for production expansion. Occidental sees flat spending, output in 2027

Occidental Petroleum Company Profile

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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