From Nasdaq: 2024-12-28 08:00:00

Warren Buffett and Berkshire Hathaway purchased more shares of Occidental Petroleum after a multi-year low in share price. The purchases totaled about 8 million shares, bringing their total holding to about 30% of the stock, along with warrants and preferred stock purchased in 2018. Occidental’s improving financial condition may lead to further debt reduction.

Occidental Petroleum’s FQ3 2024 results showed mixed revenue decline due to lower oil prices, but with a substantial margin. The company saw increased net debt offset by a 3x build in cash and increased assets. Occidental’s cash flow improvement allows for dividends and distribution increases, supported by analysts and institutions’ favorable outlook for the stock price in 2024.

Occidental Petroleum’s stock price bounced from a multi-year low in December, with indicators showing a bullish upswing possible. The MACD and stochastic align with this outlook, potentially reaching a consensus of $62 by late Q1 or early Q2 2025. Analysts and institutions have shown support for OXY’s stock price, with institutions buying on balance in 2024.



Read more at Nasdaq:: Buffett Takes the Bait; Berkshire Buys More Oxy in December