#5 - Occidental Petroleum (NYSE:OXY)
The inability of the price of crude oil to get traction above $70 a barrel is sending mixed signals about the economy. But the pullback in oil stocks is something that Warren Buffett has frequently regarded as an opportunity to buy Occidental Petroleum Corp. (NYSE: OXY) stock. In fact, OXY has been one of Buffett’s favorite stocks in the last five years.
With lower interest rates signaling the likelihood of economic expansion, it’s likely that oil production, which is already at record levels, is about to increase even more. And that makes a company like Occidental Petroleum, which already has one of the best profit margins in the sector, a strong addition to a portfolio.
OXY stock is down approximately 16.5% in 2024. That has it trading at a discount of about 25% to the consensus price target of $63.25. And investors also get a dividend, which was strategically slashed in 2020 but has come roaring back.
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
- $51.67
- Consensus Rating
- Hold
- Ratings Breakdown
- 7 Buy Ratings, 13 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $62.10 (20.2% Upside)
