XOM and OXY are both outperforming in 2026
Oil and gas stocks are in focus to start the week, as the U.S.-Israel attack on Iran sends black gold soaring. With U.S.-dated crude last seen 6.7% higher, energy giants Exxon Mobil Corp (NYSE:XOM) and Occidental Petroleum Corp (NYSE:OXY) are rising in response.
XOM is up 2.1% to trade at $155.85 at last glance, and earlier hit a record high of $159.60. The shares are up nearly 30% in 2026 already, breaking out of a bull flag pattern formed from February consolidation.
Despite the outperformance, 13 of the 28 analysts are still on the sidelines with "hold" or worse ratings, while the consensus 12-month price target of $145.31 is a 6.6% discount to its current perch.
Options traders are making their moves. In just the first half hour of trading, 54,000 calls have changed hands, volume that's triple the average intraday amount. The March 160 call is the most popular.
OXY is 2.5% higher to trade at $54.38 at last check, and earlier nabbed a 12-month high of $56.34. On Feb. 19, the equity gapped 9.4% higher after the company's stellar fourth-quarter earnings report. Up 32% year to date, there's upgrade potential as well, with 21 of the 26 brokerages maintaining "hold" or worse positions.
OXY bulls are also out in force, with ,51,000 calls exchanged this morning already, nearly six times the number of puts. The weekly 3/6 55-strike call is most popular contract, with positions being opened at the 56 call in that series.