#2 - Occidental Petroleum (NYSE:OXY)
It hasn’t been a strong year for oil stocks and Occidental Petroleum Corp. (NYSE: OXY) is no exception. OXY stock is down 12.7% in 2024 which tracks with the price of WTI crude. Despite the volume of drilling being up, demand remains below expectations.
However, that hasn’t stopped Warren Buffett from adding more OXY stock to his Berkshire Hathaway (NYSE: BRK.B) portfolio. Berkshire now holds approximately 29% of the company’s stock and has regulatory approval that could increase that stake to 50%. You don’t have to admire his investing philosophy to take note of the conviction. That conviction may have to do with the Federal Reserve’s decision to cut interest rates, which is likely to spur economic activity after the election is over.
OXY stock has seven downgrades in the last 30 days, all related to the price target. This is another example of a stock where analysts are lowering what they were seeing as a ceiling. But that means investors should look at the current price as a firm floor with the potential for more upside if the economy gets stronger.
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
- $51.46
- Consensus Rating
- Hold
- Ratings Breakdown
- 6 Buy Ratings, 11 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $65.72 (27.7% Upside)
