#1 - Occidental Petroleum (NYSE:OXY)
Occidental Petroleum Corporation (NYSE: OXY) is one of Warren Buffett's favorite stocks. The Oracle of Omaha has made several purchases of OXY stock this year. In fact, a price range of $58.50 has come to be known as the "Buffett Buy Zone."
There are a number of fundamental reasons why OXY stock is a Buffett favorite. However, there's a reason Buffett is buying. He expects oil prices to climb much higher.
Right now, that may seem hard to believe. Energy stocks, particularly oil and gas stocks, were among the least loved equities in 2023. In January 2024, it's been more of the same.
But there are reasons to believe that will change. Consumers are voicing their objection to electric vehicles, whether on price or convenience.
And escalating geopolitical concerns in the Middle East will make oil prices volatile and may push them higher.
Occidental is forecasting earnings to grow 16.5% in the next 12 months. And even though analysts project OXY stock to climb 22% this year, the earnings growth may not be reflected in that forecast.
About Occidental Petroleum
Occidental Petroleum Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, and North Africa. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company's Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas.
Read More - Current Price
- $63.57
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 6 Buy Ratings, 8 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $71.88 (13.1% Upside)
