Warren Buffett Adds To His Occidental Petroleum Stake As Energy Stock Receives Upgrade

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Warren Buffett added more Occidental Petroleum (OXY) stock to his Berkshire Hathaway (BRKB) portfolio in recent days, bolstering his stake in the U.S. energy company. Meanwhile, OXY stock was upgraded Tuesday.

Berkshire Hathaway purchased around 3.6 million shares of Occidental, according to a regulatory filing late Monday. After the purchases, Buffett now has a 23.5% stake in the Houston-based energy company, or roughly 211 million shares.

Buffett made his OXY stock buys between on March 23 and March 27 at prices ranging from 58.28-59.62. This comes after Buffett purchased 8 million shares of OXY stock between March 13 and March 16. Berkshire Hathaway bought around 6 million shares of Occidental Petroleum stock earlier in the month.

Through the latter half of 2022 Buffett was on an OXY shares buying spree, with the billionaire investor targeting shares in the $57-$61.5 price range.

Warren Buffett And OXY Stock

The stock surged 4.3% to around 62.23 Tuesday during market trade. On Monday, OXY stock closed 2.5% higher, at 59.65. Buffett made OXY share purchases Monday, targeting prices between 58.61-59.62.

On Tuesday, TD Cowen upgraded Occidental to “outperform” up from a “market perform” rating. Further, analyst David Deckelbaum has a OXY stock price target of 70, up from 63.

Deckelbaum wrote that Occidental offers “superior” exposure to crude pricing, capital structure shifts, a favorable free cash yield and “captive buying support” from Buffett.

Meanwhile, on Monday Morgan Stanley (MS) analyst Devin McDermott lowered the firm’s OXY price target to 61, down from 71, and maintained an “Equal Weight” rating on the shares.

Chevron (CVX), another Warren Buffett favorite, advanced 1.2% Tuesday. CVX shares closed Monday up 1% to 157.65. Also, Berkshire Hathaway owns $27 billion in Chevron stock.

Please follow Kit Norton on Twitter @KitNorton for more coverage.


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The post Warren Buffett Adds To His Occidental Petroleum Stake As Energy Stock Receives Upgrade appeared first on Investor’s Business Daily.

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