Forget Chevron? Buffett Is Buying Up This Energy Stock Instead
Warren Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) has a massive portfolio of stocks, but two companies on the list that have made headlines lately are (NYSE: CVX) and Occidental Petroleum (NYSE: OXY). In the conglomerate's latest 13F filing on May 15, Buffett revealed that in the first quarter, he sold around 3.1 million shares of Chevron shares and added about 4.3 million shares to his Oxy position.
Should you follow Buffett's lead?
Buffett didn't exit his position in Chevron (at the time of the filing he still owned more than $19 billion worth of Chevron's shares), so it isn't exactly like he dumped the stock so he could buy Oxy. But he did sell a material amount of Chevron and notably up his stake in Oxy (which was worth about $16 billion at the time of the filling). So it looks like he used the cash raised from the Chevron sale to fund the purchase of additional shares of Oxy. That said, investors in Chevron shouldn't dump it from their portfolios based on this shift.
Source Fool.com
Chevron Corp. Stock
The stock is an absolute favorite of our community with 27 Buy predictions and no Sell predictions.
As a result the target price of 179 € shows a positive potential of 31.56% compared to the current price of 136.06 € for Chevron Corp..
