#6 - Occidental Petroleum (NYSE:OXY)
Occidental Petroleum Corp. (NYSE: OXY) is down 14% in 2024. That’s not surprising. Despite wars raging on two continents and stimulus measures being adopted by world central banks, the price of crude oil remains suppressed. But analysts are still bullish on the outlook for oil.
With the solid backing of Warren Buffett, Occidental Petroleum is a solid choice. Buffett’s Berkshire Hathaway (NYSE: BRK.B) owns approximately 29% of Occidental as of this writing. And the firm has regulatory approval to buy up to 50% of the company stemming from the $10 billion that Berkshire gave to Occidental that allowed it to acquire Anadarko in 2019.
Some investors may look at energy stocks as a one-sided bet on a Republican victory in November. But the reality is that oil stocks are likely to benefit no matter the outcome of the election. That's because lower interest rates are expected to spur economic activity – and the need for energy which still largely comes from fossil fuels.
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
- $51.70
- Consensus Rating
- Hold
- Ratings Breakdown
- 6 Buy Ratings, 11 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $65.72 (27.1% Upside)
