24/7 Insights Warren Buffett has purchased more of his favorite energy stock.
Occidental Petroleum's transformation since 2020 has worked in investors' favor. The oil and gas stock has more than doubled investors' money in just three years.
Occidental Petroleum (OXY) reachead $62.44 at the closing of the latest trading day, reflecting a +1.93% change compared to its last close.
After showing relative strength in the first quarter, the energy sector and the Energy Select Sector SPDR Fund ETF NYSEARCA: XLE trended lower in the second quarter, recouping most of their gains. Now up just over 5% year-to-date, the sector is underperforming the market and its benchmark.
If you had bought shares in Occidental Petroleum in June last year, the company's share price was lurking just south of the $60 mark at around $57. Twelve months down the road, the price is currently just north of $60 at around $61.
Shares of Occidental Petroleum (OXY) edged higher Tuesday as Warren Buffett's Berkshire Hathaway (BRK.A, BRK.B) bought up even more of the stock, boosting its stake in the energy firm to almost 29%.
When legendary investor Warren Buffett is exceptionally bullish about a market opportunity, Wall Street listens. That's why the spotlight is currently on hydrocarbon exploration and production specialist Occidental Petroleum (NYSE: OXY ).
The typical advice in the financial market is to never blindly follow a whale investor like Warren Buffett. However, these investors' reverse-engineering investment decisions can often prove helpful.
Warren Buffett's investment firm Berkshire Hathaway has purchased additional shares of Occidental Petroleum Corp (NYSE:OXY) this month bringing its stake in the Houston-based oil and gas producer to nearly 29%. Regulatory filings showed the firm purchased shares worth about $176 million in shares since last Thursday.
Warren Buffett's Berkshire Hathaway has been on a buying spree, accumulating shares of Occidental Petroleum (NYSE: OXY). Over the past month alone, Berkshire has invested a staggering $434.82 million in Occidental, bringing its stake in the oil company to nearly 29%.
The Omaha, Nebraska-based conglomerate purchased Occidental shares every trading day from June 5 to Monday.
Recently, Zacks.com users have been paying close attention to Occidental (OXY). This makes it worthwhile to examine what the stock has in store.