With a market capitalization of $44.2 billion, Occidental Petroleum Corporation (OXY) is a major American oil and gas producer focused on crude oil, natural gas, natural gas liquids (NGLs), chemicals manufacturing, and carbon management technologies. Headquartered in Houston, Texas, the company operates across the United States, the Middle East, North Africa, and Latin America.
Occidental is best known for its large-scale upstream oil and gas operations, particularly in the Permian Basin, one of the most productive shale regions in the United States. Shares of the energy company have underperformed the broader market over the past year but have rallied in 2026. OXY stock has soared 30.8% over the past 52 weeks and has surged 34.1% on a year-to-date basis. In comparison, the S&P 500 Index ($SPX) has returned 31% over the past year and 8.3% in 2026.
Narrowing the focus, OXY has also underperformed the State Street Energy Select Sector SPDR ETF (XLE), which rose 38.7% over the past 52 weeks and delivered 27.9% returns this year.
On May 5, Occidental Petroleum shares dipped 1.5% after the company announced its FY2026 first-quarter earnings. While Occidental delivered better-than-expected adjusted earnings of $1.06 and strong production growth driven by its Permian Basin operations, investors remained cautious about softer commodity prices and the company’s decision to prioritize capital discipline over aggressive production expansion. Its revenue came in at about $5.11 billion, down 11% year over year and missing the consensus estimates.
For the fiscal year that ended in December, analysts expect OXY to report a 123.5% year over year rise in adjusted EPS to $4.94. The company has a solid earnings surprise history. It has surpassed the Street’s bottom-line estimates in each of the past four quarters.
OXY has a consensus “Hold” rating overall. Of the 26 analysts covering the stock, opinions include six “Strong Buys,” one “Moderate buy,” 17 “Holds,” and two “Strong Sells.”
The consensus is bearish than a month ago when the stock had an overall rating of “Moderate Buy.”
On May 8, Truist lowered its price target on Occidental Petroleum from $65 to $57 while maintaining a “Hold” rating on the stock. The firm updated its outlook following Q1 earnings, noting that many energy producers are choosing to maintain current production levels rather than aggressively ramp up activity, instead benefiting from higher oil prices and improved operational efficiency.
OXY’s mean price target of $63.24 indicates upside potential of 14.7% from the current market prices. The Street-high target of $75 suggests the stock could rise as much as 36%.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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