#3 - Occidental Petroleum (NYSE:OXY)
The last of the big oil stocks on this list is a Warren Buffett favorite, Occidental Petroleum Corp. (NYSE: OXY). It’s true that Buffett also owns CVX stock, but investors who have been watching the oil patch know that while Buffett may like Chevron, he loves Occidental. Buffet's Berkshire Hathaway (NYSE: BRK.B) now owns approximately 25% of the company’s common stock in addition to the 100,000 preferred shares Buffett bought in 2019.
And like Chevron, OXY stock is objectively undervalued as we head into the home stretch of 2024. The stock is down over 7% and is trading near its 52-week low. However, analysts are forecasting a 31% growth in earnings, which supports a 29% increase in the stock based on the current consensus price target.
OXY cut its dividend from 70 cents to just one penny in 2020. But the company has been making up for lost time. Since the beginning of 2002, it has increased its dividend from one cent to 22 cents.
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
- $52.03
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 6 Buy Ratings, 8 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $71.60 (37.6% Upside)
