Wells Fargo & Company Issues Positive Forecast for Occidental Petroleum (NYSE:OXY) Stock Price

Occidental Petroleum (NYSE:OXY) had its target price upped by Wells Fargo & Company from $72.00 to $79.00 in a research report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the oil and gas producer’s stock.

Several other brokerages have also recently weighed in on OXY. Capital One Financial lifted their price target on Occidental Petroleum from $67.00 to $70.00 in a research report on Wednesday, May 27th. UBS Group dropped their price objective on shares of Occidental Petroleum from $67.00 to $65.00 and set a “neutral” rating on the stock in a research note on Thursday, May 7th. Jefferies Financial Group boosted their target price on shares of Occidental Petroleum from $47.00 to $58.00 and gave the company a “hold” rating in a research note on Monday, April 13th. Morgan Stanley lowered their price target on shares of Occidental Petroleum from $74.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, June 26th. Finally, Truist Financial dropped their price target on shares of Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating on the stock in a research report on Friday, May 8th. Ten research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company. According to data from MarketBeat.com, Occidental Petroleum presently has a consensus rating of “Hold” and an average target price of $64.61.

Occidental Petroleum Price Performance

NYSE:OXY opened at $55.92 on Friday. The firm’s fifty day moving average is $54.21 and its two-hundred day moving average is $54.39. The firm has a market cap of $55.62 billion, a price-to-earnings ratio of 8.66, a PEG ratio of 0.82 and a beta of 0.15. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.01 and a current ratio of 1.41. Occidental Petroleum has a one year low of $38.80 and a one year high of $67.45.

Occidental Petroleum (NYSE:OXY) last issued 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. Occidental Petroleum had a return on equity of 15.31% and a net margin of 28.36%.The business had revenue of $8.06 billion during the quarter, compared to analysts’ expectations of $7.07 billion. During the same quarter in the previous year, the firm posted $0.39 EPS. The company’s revenue for the quarter was up 53.4% on a year-over-year basis. Research analysts expect that Occidental Petroleum will post 5.35 EPS for the current year.

Occidental Petroleum Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, September 10th. This is a positive change from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s dividend payout ratio is currently 16.10%.

Insider Activity

In related news, CEO Richard A. Jackson purchased 4,770 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, with a total value of $249,852.60. Following the purchase, the chief executive officer owned 444,098 shares of the company’s stock, valued at $23,261,853.24. The trade was a 1.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Occidental Petroleum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. increased its position in Occidental Petroleum by 12.5% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,765 shares of the oil and gas producer’s stock valued at $111,000 after acquiring an additional 196 shares during the period. Athena Wealth Management LLC grew its stake in shares of Occidental Petroleum by 1.2% in the 1st quarter. Athena Wealth Management LLC now owns 18,547 shares of the oil and gas producer’s stock valued at $1,206,000 after purchasing an additional 214 shares during the last quarter. Elevation Wealth Partners LLC grew its stake in shares of Occidental Petroleum by 15.8% in the 2nd quarter. Elevation Wealth Partners LLC now owns 1,615 shares of the oil and gas producer’s stock valued at $78,000 after purchasing an additional 220 shares during the last quarter. HBK Sorce Advisory LLC increased its holdings in shares of Occidental Petroleum by 2.8% in the second quarter. HBK Sorce Advisory LLC now owns 8,210 shares of the oil and gas producer’s stock valued at $442,000 after purchasing an additional 220 shares during the period. Finally, Carrera Capital Advisors raised its stake in shares of Occidental Petroleum by 0.5% during the fourth quarter. Carrera Capital Advisors now owns 44,279 shares of the oil and gas producer’s stock worth $1,831,000 after purchasing an additional 227 shares during the last quarter. 88.70% of the stock is owned by hedge funds and other institutional investors.

Occidental Petroleum News Roundup

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

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.