Occidental Petroleum Stock Outlook: Is Wall Street Bullish or Bearish?

With a market cap of $55.6 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 26.5% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 16.7%. In addition, shares of the company are up 36.7% on a YTD basis, compared to SPX's 8.7% rise.

Looking closer, shares of Occidental Petroleum have lagged behind the State Street Energy Select Sector SPDR ETF's (XLE) 34.8% surge over the past 52 weeks. 

Occidental Petroleum has outperformed relative to the SPX due to its low-cost Permian Basin operations, rising oil prices, and strong exposure to high-return drilling assets.

Despite beating Q1 2026 expectations with adjusted EPS of $1.06 on May 5, Occidental Petroleum shares tumbled 7.1% the next day after the company cut its 2026 production outlook, with total production now expected at 1.41 million boepd - 1.46 million boepd. The company also lowered international production guidance to 218,000 boepd - 228,000 boepd, as its 40% stake in the Shah gas field in the UAE remained suspended following an Iranian attack. Sentiment was further pressured by a 1.6% decline in realized oil prices to $69.91/barrel.

For the fiscal year ending in December 2026, analysts expect Occidental Petroleum's adjusted EPS to climb 145.7% year-over-year to $5.43. The company's earnings surprise history is strong. It beat the consensus estimates in each of the last four quarters.

Among the 25 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on seven “Strong Buy” ratings, one “Moderate Buy,” and 17 “Holds.”

This configuration is slightly more bullish than three months ago, with six “Strong Buy” ratings on the stock.

On Jul. 28, Goldman Sachs analyst Neil Mehta maintained a “Hold” rating on Occidental Petroleum with a $60 price target.

The mean price target of $64.16 represents a 14.7% premium to OXY’s current price levels. The Street-high price target of $75 suggests a 34% potential upside.