2 Big Reasons (Other Than Oil) to Follow Warren Buffett and Buy Occidental Petroleum
Warren Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) has been buying shares of Occidental Petroleum (NYSE: OXY) hand over fist. Berkshire Hathaway now owns nearly 24% of the oil company's outstanding shares. While Buffett recently dismissed the idea of acquiring Occidental, his company has the approval to boost that position up to 50%.
Occidental Petroleum's exposure to oil prices is a big reason Buffett is buying shares. However, it's not the oil stock's only upside catalyst. Two other potential long-term value drivers make it a compelling investment opportunity.
Occidental Petroleum is a semi-integrated energy company. While it doesn't have a refining business like Buffett's other top oil stock holding, Chevron, it does have a chemicals business (OxyChem).
Source Fool.com
Occidental Petroleum Corp. Stock
With 17 Buy predictions and only 2 Sell predictions the community sentiment for the stock is positive.
With a target price of 68 € there is a slightly positive potential of 17.14% for Occidental Petroleum Corp. compared to the current price of 58.05 €.
