On August 10, Occidental rose 3.04% in regular trading, trading at $57.89/share, with turnover of $25.52 million. The stock continues to gain momentum following a blowout Q2 earnings report and a fresh analyst target price upgrade.

Occidental reported Q2 revenue of $8.32 billion, up 57% year-over-year and exceeding consensus estimates by $1.07 billion. Adjusted EPS came in at $2.40, beating expectations by $0.55, marking the highest quarterly profit since 2022. Global production reached 1.433 million boe/d, surpassing guidance. The company raised its quarterly dividend 8% to $0.28/share and projected full-year free cash flow improvement of over $1.2 billion. Additionally, Truist Securities raised its target price on Occidental from $57 to $63. For Q3, the company guided production of 1.40-1.44 million boe/d, with Permian Basin output expected at 795,000-815,000 boe/d.

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