Is Occidental Petroleum Stock Outperforming the Nasdaq?

With a market cap. of $60 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. 

Companies valued at $10 billion or more are generally considered "large-cap" stocks, and Occidental Petroleum fits this criterion perfectly. Its Oil and Gas segment focuses on exploring, developing, and producing oil, condensate, natural gas liquids (NGLs), and natural gas, while optimizing transportation and storage capacity.

Shares of the energy giant have declined nearly 11% from its 52-week high of $67.45. OXY stock has risen 2.3% over the past three months, outpacing the broader Nasdaq Composite’s ($NASX) 1.2% decline over the same time frame. 

OXY stock is up 46% on a YTD basis, surpassing NASX’s 14.1% return. In the longer term, shares of the Houston, Texas-based company have increased 28.8% over the past 52 weeks, compared to NASX’s 22.1% gain over the same time frame.

The stock has been trading above its 200-day moving average since January. 

Shares of Occidental Petroleum rose 4.1% following its Q2 2026 results on Aug. 5, which showed adjusted EPS of $2.40, well above the consensus and the company’s highest quarterly profit since 2022, driven by a sharp rise in realized oil prices to $96.78/barrel and higher production. Global production increased 2.4% to 1.43 million boe/d, led by U.S. operations, helping offset a 12% decline in international output caused by Middle East disruptions. 

Investor sentiment was further supported by OXY cutting its 2026 capital-spending forecast to $5.5 billion - $5.9 billion and maintaining a tighter annual production outlook of 1.42 million boe/d - 1.45 million boe/d.

In comparison, rival ConocoPhillips (COP) has slightly lagged behind OXY stock on a YTD basis, with COP shares gaining 43.4%. However, COP stock has increased 40.2% over the past 52 weeks, outpacing OXY stock.

Despite the stock’s outperformance relative to the Nasdaq, analysts remain cautiously optimistic on Occidental Petroleum. It has a consensus rating of “Moderate Buy” from 25 analysts in coverage, and the mean price target of $66.52 is a premium of 10.8% to current levels.  

On the date of publication, Sohini Mondal 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.