With a market cap of $60.4 billion, Occidental Petroleum Corporation (OXY) is an energy company engaged in the acquisition, exploration, and development of oil and gas properties in the United States and internationally. The company operates through two main segments: Oil and Gas, and Midstream and Marketing.
Shares of the Houston, Texas-based company have outperformed the broader market over the past 52 weeks. OXY stock has increased 49.7% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 10.5%. In addition, shares of the company are up 45.9% on a YTD basis, compared to SPX's 10.6% rise.
Looking closer, shares of Occidental Petroleum have lagged behind the State Street Energy Select Sector SPDR ETF's (XLE) 52.4% surge over the past 52 weeks.
Shares of Occidental Petroleum rose 4.1% following its Q2 2026 results on Aug. 5, showed adjusted EPS of $2.40, well above the consensus and the company’s highest quarterly profit since 2022, driven by a sharp rise in realized oil prices to $96.78/barrel and higher production. Global production increased 2.4% to 1.43 million boe/d, led by U.S. operations, helping offset a 12% decline in international output caused by Middle East disruptions.
Investor sentiment was further supported by OXY cutting its 2026 capital-spending forecast to $5.5 billion - $5.9 billion and maintaining a tighter annual production outlook of 1.42 million boe/d - 1.45 million boe/d.
For the fiscal year ending in December 2026, analysts expect Occidental Petroleum's adjusted EPS to surge 208.1% year-over-year to $6.81. The company's earnings surprise history is strong. It beat the consensus estimates in each of the last four quarters.
Among the 28 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on 10 “Strong Buy” ratings, one “Moderate Buy,” and 17 “Holds.”
This configuration is more bullish than three months ago, with seven “Strong Buy” ratings on the stock.
On Oct. 27, Goldman Sachs raised its price target on Occidental to $76 and maintained a “Buy” rating.
The mean price target of $70.25 represents a 16.3% premium to OXY’s current price levels. The Street-high price target of $84 suggests a 39% potential upside.
On the date of publication, Sohini Mondal did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.