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The Oracle of Omaha and his team have amassed more than 255 million shares of Occidental Petroleum stock since the start of 2022. The bull thesis for Occidental includes macro factors working in the oil industry's favor, as well as the company's operating cash flow being heavily tied to its drilling segment.
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.
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.
Although traders continue to be laser-focused on hyper-growth stocks for substantial gains, astute investors also love dividend holding stocks. While growth stocks offer high rewards, most of them come with higher risks.
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.