Occidental Petroleum (NYSE:OXY) Price Target Raised to $79.00

Occidental Petroleum (NYSE:OXY) had its price target lifted by Wells Fargo & Company from $72.00 to $79.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas producer’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 41.49% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Roth Capital upped their target price on Occidental Petroleum from $45.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Scotiabank increased their price objective on Occidental Petroleum from $46.00 to $57.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Weiss Ratings cut shares of Occidental Petroleum from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Raymond James Financial upped their price target on shares of Occidental Petroleum from $64.00 to $75.00 and gave the company an “outperform” rating in a research report on Monday, May 4th. Finally, Capital One Financial raised their price objective on shares of Occidental Petroleum from $67.00 to $70.00 in a research report on Wednesday, May 27th. Ten research analysts have rated the stock with a Buy rating and sixteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $64.61.

Occidental Petroleum Price Performance

Shares of NYSE:OXY opened at $55.83 on Friday. The company’s fifty day moving average price is $54.22 and its 200 day moving average price is $54.38. Occidental Petroleum has a 12 month low of $38.80 and a 12 month high of $67.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.21 and a quick ratio of 1.01. The firm has a market capitalization of $55.53 billion, a P/E ratio of 8.64, a P/E/G ratio of 0.79 and a beta of 0.15.

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

Insider Transactions at Occidental Petroleum

In other news, CEO Richard A. Jackson acquired 4,770 shares of the business’s stock in a transaction on Tuesday, June 23rd. The stock was bought at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the transaction, the chief executive officer owned 444,098 shares in the company, valued at $23,261,853.24. This 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 the SEC website. Corporate insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its position in Occidental Petroleum by 84.8% during the second quarter. Bank of New York Mellon Corp now owns 10,643,916 shares of the oil and gas producer’s stock worth $516,975,000 after purchasing an additional 4,882,834 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Occidental Petroleum by 21.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,602,660 shares of the oil and gas producer’s stock valued at $436,008,000 after buying an additional 1,883,721 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Occidental Petroleum by 54.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,959,638 shares of the oil and gas producer’s stock worth $162,820,000 after buying an additional 1,393,638 shares during the last quarter. Wellington Management Group LLP grew its stake in Occidental Petroleum by 1,029.9% in the 3rd quarter. Wellington Management Group LLP now owns 1,493,747 shares of the oil and gas producer’s stock valued at $70,580,000 after acquiring an additional 1,361,541 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Occidental Petroleum by 326.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,702,420 shares of the oil and gas producer’s stock valued at $82,687,000 after acquiring an additional 1,303,263 shares in the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

More Occidental Petroleum News

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.