Occidental Petroleum (NYSE:OXY) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Occidental Petroleum (NYSE:OXY) from a hold rating to a buy rating in a research note issued to investors on Saturday.

Other analysts have also recently issued reports about the company. Jefferies Financial Group upped their target price on Occidental Petroleum from $47.00 to $58.00 and gave the company a “hold” rating in a report on Monday, April 13th. Truist Financial reduced their price objective on shares of Occidental Petroleum from $65.00 to $57.00 and set a “hold” rating on the stock in a research note on Friday, May 8th. JPMorgan Chase & Co. lowered their target price on shares of Occidental Petroleum from $64.00 to $63.00 in a research note on Thursday, May 7th. Zacks Research lowered shares of Occidental Petroleum from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Roth Capital upped their price target on shares of Occidental Petroleum from $45.00 to $55.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Ten equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $64.61.

Occidental Petroleum Trading Down 0.2%

OXY opened at $55.92 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.41 and a quick ratio of 1.01. Occidental Petroleum has a fifty-two week low of $38.80 and a fifty-two week high of $67.45. The company’s 50 day moving average price is $54.21 and its two-hundred day moving average price is $54.39. The firm has a market capitalization of $55.62 billion, a price-to-earnings ratio of 8.66, a PEG ratio of 0.82 and a beta of 0.15.

Occidental Petroleum (NYSE:OXY) last issued its quarterly earnings results 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. The company had revenue of $8.06 billion for the quarter, compared to analyst estimates of $7.07 billion. Occidental Petroleum had a net margin of 28.36% and a return on equity of 15.31%. Occidental Petroleum’s revenue was up 53.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 earnings per share. As a group, research analysts predict that Occidental Petroleum will post 5.38 earnings per share for the current year.

Occidental Petroleum Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Thursday, September 10th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, September 10th. This is an increase from Occidental Petroleum’s previous quarterly dividend of $0.26. Occidental Petroleum’s payout ratio is 16.10%.

Insiders Place Their Bets

In other Occidental Petroleum news, CEO Richard A. Jackson acquired 4,770 shares of the stock in a transaction on Tuesday, June 23rd. The shares were purchased at an average price of $52.38 per share, for a total transaction of $249,852.60. Following the completion of the acquisition, the chief executive officer owned 444,098 shares in the company, valued at approximately $23,261,853.24. This represents a 1.09% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Occidental Petroleum

Several hedge funds and other institutional investors have recently made changes to their positions in OXY. Bank of New York Mellon Corp boosted its holdings in Occidental Petroleum by 84.8% during the 2nd 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 acquiring an additional 4,882,834 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings 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 purchasing an additional 1,883,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Occidental Petroleum by 54.3% during the fourth 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 valued at $162,820,000 after purchasing an additional 1,393,638 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Occidental Petroleum by 1,029.9% during the third 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 purchasing an additional 1,361,541 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Occidental Petroleum by 326.5% during the second quarter. Assenagon Asset Management S.A. now owns 1,702,420 shares of the oil and gas producer’s stock worth $82,687,000 after purchasing an additional 1,303,263 shares during the last quarter. 88.70% of the stock is owned by institutional investors.

Occidental Petroleum News Summary

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.