Why is everyone talking about oil major Occidental Petroleum (NYSE: OXY)? It all comes down to one legendary investor's stamp of approval. Berkshire Hathaway CEO Warren Buffett's stake in Occidental Petroleum speaks volumes and has financial traders who wouldn't normally invest in the oil patch suddenly taking an interest in this oil and gas giant.

You don't have to buy Occidental Petroleum stock just because Berkshire did (though an argument could be made for doing so). Rather, self-directed investors can consider Occidental's qualities that might make it attractive to Buffett, and to value and yield seekers generally.

Certainly, Occidental Petroleum wasn't always a perfect Buffett bet. At the time Berkshire Hathaway made its initial investment in the company, Occidental Petroleum wasn't the most profitable company and Berkshire ended up providing financing (in the form of preferred stock and warrants) for a massive acquisition. So, don't assume that Occidental Petroleum is a picture-perfect Buffett bet. On the other hand, Buffett has favored dividend growers, such as Coca-Cola and American Express.

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Source Fool.com