Goldman Sachs upgrades Occidental Petroleum to Buy and raises price target
Goldman Sachs lifted its rating on Occidental Petroleum (OXY) from Neutral to Buy and increased its price target to $69, up from $63. The bank highlighted the company's advanced oil‑recovery techniques, a strong debt‑reduction outlook and the potential for continued dividend growth. The upgrade followed OXY's second‑quarter 2026 results that showed revenue of $8.33 billion and adjusted earnings of $2.40 per share. The stock has risen roughly 34% year‑to‑date.
Why it matters
Goldman Sachs says the upgrade reflects a favorable risk‑reward profile and could support further price appreciation, as the new target of $69 suggests upside from the current $55.32 close. The firm also noted a $4.0 billion cash‑flow improvement target by 2030, which may enhance shareholder returns.
Key facts
- 1Goldman Sachs upgraded Occidental Petroleum to Buy from Neutral and raised its price target to $69 from $63. investing.com
- 2Occidental Petroleum's shares closed at $55.32. theglobeandmail.com
- 3The stock has risen 34% year‑to‑date. investing.com
- 4The stock has risen 34.53% year‑to‑date. marketscreener.com
- 5Occidental reported second‑quarter 2026 revenue of $8.33 billion. investing.com
- 6Adjusted earnings were $2.40 per share in Q2 2026. investing.com
Open questions
- Year‑to‑date gain is reported as 34% in material 1 and 34.53% in material 2.
Summary written by AlphAI from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.