Occidental Petroleum Corporation ($OXY) Stock Forecast: Down 5.9% Today

What is Occidental Petroleum Corporation?

Occidental Petroleum Corp. (OXY) is a multinational oil and gas exploration and production company, engaged in hydrocarbon exploration in the United States, the Middle East, and Latin America.

Why is Occidental Petroleum Corporation going down?

OXY stock is down 5.9% on May 6, 2026 13:51

• Occidental Petroleum Corp. (OXY) reported a first-quarter profit that exceeded expectations, with adjusted earnings beating Wall Street estimates.
• Despite the positive earnings report, OXY's revenue fell short of analyst forecasts, which could have contributed to the bearish movement in the stock price.
• The increase in oil production by Diamondback Energy Inc. and the strong quarterly earnings reported by Phillips 66 may have highlighted OXY's revenue miss, leading to a negative market sentiment.
• The addition of Michael Ure, former CEO of Western Midstream Partners, to Lazard as a senior adviser in the energy sector, could also have influenced market perceptions of OXY's performance, especially in the context of industry expertise and competition.

OXY Price Chart

OXY Technical Analysis

OXY News

Highland Capital Management LLC Takes $1.85 Million Position in Phillips 66 $PSX

Highland Capital Management LLC has acquired a new stake of 14,333 shares in Phillips 66 (NYSE:PSX), valued at approximately $1.85 million, during the fourth quarter. Phillips 66 recently reported strong quarterly earnings, beating EPS estimates, and announced a quarterly dividend of $1.27 per share. Several other institutional investors also modified their holdings in PSX, with institutional ownership now at 76.93%.

https://www.marketbeat.com/instant-alerts/filing-highland-capital-management-llc-takes-185-million-position-in-phillips-66-psx-2026-05-06/

Diamondback Energy Increases Production as Global Oil Markets Tighten in 2026 - News and Statistics

Diamondback Energy Inc. plans to significantly increase its oil production in 2026, aiming to exceed 520,000 barrels per day, about three percent above its original guidance. This decision comes in response to a tightening global oil market, characterized by a shift from an anticipated surplus to a severe worldwide deficit and rising prices. The company will achieve this by completing drilled but uncompleted wells and increasing its rig count to sustain future activity.

https://www.indexbox.io/blog/diamondback-energy-boosts-output-amid-global-oil-supply-deficit/

Former Western Midstream Partners CEO Michael Ure joins financial advisory firm Lazard

Michael Ure, the former President and CEO of Western Midstream Partners, has joined Lazard as a senior adviser in its power, energy, and infrastructure group. Ure previously held leadership roles at Occidental Petroleum and Shell Upstream Americas before stepping down from Western Midstream Partners in October 2024.

https://www.bizjournals.com/houston/news/2026/05/05/western-midstream-ex-ceo-michael-ure-joins-lazard.html

Cash flow, drilling and hedging update for Black Stone Minerals (NYSE: BSM)

Black Stone Minerals reported Q1 2026 results that were essentially flat, with revenue from contracts rising to $123.9 million but net income declining due to a larger derivative loss and increased interest expense. Adjusted EBITDA remained steady at $87.0 million, and Distributable Cash Flow slightly decreased to $76.5 million. The partnership’s production increased by 4.3% and it made $11.5 million in mineral and royalty acquisitions, while also providing updates on its credit facility and hedging activities.

https://www.stocktitan.net/sec-filings/BSM/10-q-black-stone-minerals-l-p-quarterly-earnings-report-b24723b9eaa6.html

Occidental: Q1 Earnings Snapshot

Occidental Petroleum Corp. (OXY) reported a first-quarter profit of $3.35 billion, or $3.13 per share. Adjusted earnings were $1.06 per share, surpassing Wall Street expectations of 65 cents per share. However, the company's revenue of $5.11 billion fell short of analyst forecasts.

https://www.kens5.com/article/syndication/associatedpress/occidental-q1-earnings-snapshot/616-a96047df-d2d1-4c60-8ef8-45f1ff3614be

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Occidental Petroleum Corporation Price History

31.02.2026 - OXY Stock was down 3.2%

• Occidental Petroleum (OXY) witnessed a decline in its stock price today despite an increase in its price target from $45.00 to $67.00 by Citigroup, maintaining a "Neutral" rating.
• The stock's downward movement could be linked to general market sentiments or investors taking profits following recent price gains.
• The positive market outlook for Chevron (CVX) due to its robust performance in Q4, highlighted by increased dividends and higher price targets, might have overshadowed the optimistic news surrounding OXY.
• Concerns about OXY's fair value assessments and potential downside estimates from financial analysis sources could also be impacting the movement of its stock.

17.03.2026 - OXY Stock was down 7.4%

• OXY shares gapped down following a Citigroup analyst downgrade, which lowered its price target from $67 to $62, contributing to the bearish movement.
• The reopening of the crucial maritime chokepoint, the Strait of Hormuz, as part of a temporary truce between Israel and Lebanon likely impacted oil prices and related stocks like OXY, leading to the sharp decline.
• The Trump administration's push for U.S. oil producers to boost drilling amid the conflict with Iran could have added pressure on OXY and other oil companies, affecting investor sentiment and contributing to the bearish market movement.

17.03.2026 - OXY Stock was down 5.8%

• Occidental Petroleum (OXY) shares witnessed a gap down upon a price target reduction by Citigroup analysts from $67 to $62. This downgrade likely influenced the negative performance of OXY's stock.
• The reopening of the Strait of Hormuz, a key maritime chokepoint, due to a temporary ceasefire between Israel and Lebanon, impacted oil prices and related stocks like OXY. The resultant dip in oil prices because of this geopolitical development may have exacerbated the downward movement.
• Despite OXY surpassing earnings expectations and declaring an increased quarterly dividend, the slightly lower revenue figures and cautious forecasts from some analysts could have intensified the stock pressure.
• The combined effect of the varied analyst sentiments, the Strait of Hormuz reopening affecting oil prices, and the specific Citigroup downgrade possibly contributed to Occidental Petroleum's bearish performance today.

17.03.2026 - OXY Stock was down 5.7%

• Financial Enhancement Group LLC notably raised its stake in ExxonMobil Corporation, potentially affecting Occidental Petroleum's investment attractiveness and causing a decline in its stock value.
• The Trump administration's backing of increased oil production by companies such as Exxon and Chevron might have redirected investor attention to these firms, resulting in reduced interest in OXY shares.
• A sizable stock gift of 30,000 shares by Occidental Petroleum's director could have implied uncertainty in the company's future performance, influencing the bearish market movement.
• Despite OXY's recent competitive performance, prevailing market conditions and changing investor preferences towards other oil companies likely influenced the negative trend observed in Occidental Petroleum's shares today.

01.03.2026 - OXY Stock was down 6.2%

• OXY's bearish movement today could be attributed to profit-taking by investors after a period of strong performance.
• The decrease in stake by Retirement Systems of Alabama in Chevron Corporation may have had a spillover effect on OXY's stock, impacting investor sentiment in the energy sector.
• Despite Warren Buffett's positive outlook on energy holdings like Chevron and Occidental Petroleum, market uncertainties such as geopolitical tensions and storm damage at Chevron's Wheatstone LNG plant may have contributed to the overall bearish sentiment in the sector.
• OXY's market movement could also be influenced by broader industry trends, such as the strategic pivot of Texas Pacific Land Corporation towards becoming an infrastructure provider for the AI industry, potentially diverting investor attention away from traditional oil and gas companies like Occidental Petroleum.

12.02.2026 - OXY Stock was up 7.4%

• OXY's stock surged significantly due to various reasons:
• Upgrades from Wells Fargo and Piper Sandler analysts, accompanied by substantial increases in price targets, influenced positive investor sentiment.
• Despite a high P/E ratio, the company's undervaluation according to a Discounted Cash Flow (DCF) analysis likely attracted value investors.
• Enhanced capital efficiency in the Permian Basin and strong productivity, emphasized by Wells Fargo's double upgrade, further bolstered the bullish trend.
• Overall, the market appears to be reflecting the upward potential for OXY, driven by analyst confidence and favorable industry conditions.

12.02.2026 - OXY Stock was up 5.2%

• Occidental Petroleum's stock rallied strongly today, possibly driven by an upgrade from Underweight to Overweight and a significant increase in price target by 46.81% to $69.00.
• The bullish movement could also be influenced by the company being significantly undervalued by 46.3% according to a Discounted Cash Flow analysis, indicating a potential for further upside.
• Positive sentiment towards energy stocks amidst escalating oil prices and geopolitical tensions in a key region may have contributed to the bullish trend in OXY's stock.
• The overall bullish sentiment towards energy companies, as seen in multiple analyst upgrades within the sector, could have further boosted investor confidence in Occidental Petroleum.

08.03.2026 - OXY Stock was down 8.2%

• Occidental Petroleum's stock faced a bearish trend despite positive forecasts and target price increases from several firms.
• The negative movement in OXY's stock could have been influenced by the broader energy sector, as evidenced by a downturn in Exxon Mobil stock.
• Analyst sentiments were mixed, with conflicting recommendations ranging from "Hold" to "Buy" or "Strong Buy," potentially contributing to uncertainty surrounding Occidental Petroleum's stock.
• The overall bearish sentiment towards OXY today might have been shaped by the mixed performance and varying ratings and price targets of energy companies in the sector.

08.03.2026 - OXY Stock was down 6.5%

• Occidental Petroleum (OXY) saw a notable decline in its stock price, likely due to the general decrease in oil prices and geopolitical concerns affecting the energy industry.
• The downward movement in Exxon Mobil (XOM) and Chevron Corporation shares, in addition to the overall trend in oil stocks, might have impacted OXY's performance.
• Despite optimistic projections and raised target prices from multiple entities, such as BMO Capital Markets, the company struggled amid turbulent market conditions and fluctuating oil prices.
• Factors like the potential reopening of the Strait of Hormuz, easing geopolitical tensions, and disruptions in Middle Eastern oil production could have further pressured OXY's stock, underscoring the turbulent nature of the energy sector.

08.03.2026 - OXY Stock was down 5.6%

• OXY experienced a strong bearish movement due to the broader negative sentiment in the energy sector, particularly driven by the significant fall in crude oil prices.
• The news of a potential two-week ceasefire deal between the United States and Iran, leading to the reopening of the Strait of Hormuz, eased global supply concerns but impacted investor sentiment in energy stocks like OXY.
• Despite positive forecasts from BMO Capital Markets and other firms, the overall decline in oil prices and geopolitical developments overshadowed the company-specific news, contributing to the bearish market movement of OXY.
• The market movement suggests that OXY's stock price was heavily influenced by external factors such as oil prices and geopolitical tensions rather than internal company performance.

14.03.2026 - OXY Stock was down 5.3%

• Occidental Petroleum (OXY) faced a bearish movement today despite positive analyst sentiment and price target upgrades from UBS Group and JPMorgan Chase & Co.
• The bearish trend might be linked to the broader market rotation towards commodity-linked regions, with significant inflows into Latin America, especially Brazil, boosted by the US-Iran ceasefire news.
• While OXY surpassed earnings per share estimates in the most recent quarterly report, falling short of revenue expectations may have influenced the negative market sentiment towards the stock.
• The competitive environment in the oil and gas sector, underscored by UBS reaffirming a Buy rating on Chevron (CVX) due to its renewable diesel capacity expansion, may have also played a part in OXY's bearish movement as investors weigh alternative energy opportunities.

06.04.2026 - OXY Stock was down 5.9%

• Occidental Petroleum Corp. (OXY) reported a first-quarter profit that exceeded expectations, with adjusted earnings beating Wall Street estimates.
• Despite the positive earnings report, OXY's revenue fell short of analyst forecasts, which could have contributed to the bearish movement in the stock price.
• The increase in oil production by Diamondback Energy Inc. and the strong quarterly earnings reported by Phillips 66 may have highlighted OXY's revenue miss, leading to a negative market sentiment.
• The addition of Michael Ure, former CEO of Western Midstream Partners, to Lazard as a senior adviser in the energy sector, could also have influenced market perceptions of OXY's performance, especially in the context of industry expertise and competition.