Key Highlights

  • Occidental Petroleum (NYSE:OXY) traded at USD 61.24 on October 13, 2026, up 0.17% on 11.705 million shares (1.4 times the 3-month average), valued at USD 60.258 billion, with a P/E of 17.17 and a PEG of -13.36.
  • Published market reports on October 13, 2026 pointed to higher oil prices on supply concerns, which is the likeliest support for the shares, though no company release dated that day was found.
  • Goldman Sachs upgraded the stock to Buy from Neutral with a USD 69 target and added it to its US Conviction List around October 1, while Wells Fargo, UBS and Evercore ISI raised targets in September.
  • A P/E of 17.17 sits near the top of the filter band, and a PEG of -13.36 is negative and not usable, with third quarter results due on November 9, 2026 after the close.

Catalyst and Latest Updates

Occidental Petroleum (NYSE:OXY) rose USD 0.11 to USD 61.24 on 11.705 million shares, about 1.4 times its 3-month average of 8.435 million. No company release dated October 13, 2026 was found. Published market reports that day said oil prices were rising on supply concerns, which is a likely, unconfirmed support. Around October 1 Goldman Sachs upgraded the stock to Buy with a USD 69 target. In September Wells Fargo raised its target to USD 82 from USD 79, UBS to USD 67 from USD 59 and Evercore ISI to USD 70 from USD 65. The company announced that third quarter results would be released on November 9, 2026, with a call the next day.

What the Valuation Figures Mean

Occidental explores for and produces oil and gas in the United States and abroad, and also has a midstream and marketing business. In the second quarter, reported on August 5, it posted its highest quarterly profit since 2022 and beat estimates, according to published reports. Trailing revenue is about USD 23.9 billion and net income about USD 6.5 billion. A P/E of 17.17 means about USD 17.17 is paid for each USD 1 of past-year earnings, higher than most peers in this group. The PEG of -13.36 is negative and unusable, and the earnings growth filter reflects a recovery from a weaker base. Midstream and marketing earnings add a steadier layer to the cash flow.

Risks and What to Watch

Oil and gas prices, debt and capital discipline are the main risks. Published reports in September put principal debt near USD 11.8 billion, approaching a USD 10 billion goal, so further reduction depends on cash flow. At USD 61.24 the stock is about 9% below its 52-week high of USD 67.45 and about 58% above its low of USD 38.80, simple arithmetic on published figures. The published consensus is Buy from 26 analysts with a target near USD 68.48, which is not our forecast. Results on November 9, 2026 will show cash flow and the pace of debt reduction. Capital discipline and shareholder returns will also depend on those prices.

Where Things Stand

The answer is that higher oil prices on October 13 are the likeliest support for the 0.17% gain, but no company release confirms it. Occidental Petroleum (NYSE:OXY) trades on a P/E of 17.17, with an upgrade and target increases behind it, and an unusable PEG. Results on November 9, 2026 are the next test. Published ratings are mostly positive, but they were set before the latest session and can change.