When this Oil Giant Dips, Buy It

When Occidental Petroleum (SYM: OXY) dips, buy.

That’s because in many cases, Warren Buffett’s Berkshire Hathaway buys the dip, too.

In fact, after pulling back from about $71, Berkshire Hathaway bought another 2.6 million shares, lifting its stake in the oil company to 250.6 million.

“Berkshire bought the stock, valued at more than $150 million, on Wednesday through Friday and paid just under $60 a share, according to a Form 4 filing with the Securities and Exchange Commission,” as noted by Barron’s.

They added that, “Since Berkshire began accumulating stock in Occidental in early 2022, there was speculation that Buffett might want to buy the whole company. But he said recently at Berkshire’s annual meeting that he doesn’t seek control of the company.”

Even better, Buffett probably isn’t finished adding to his stake in the company, given that Berkshire Hathaway has received the green light from regulators to own up to 50% of the company. In addition, as Buffett noted in a recent shareholder letter:

“Berkshire has no interest in purchasing or managing Occidental. We particularly like its vast oil and gas holdings in the United States, as well as its leadership in carbon-capture initiatives, though the economic feasibility of this technique has yet to be proven. Both of these activities are very much in our country’s interest.”

Making OXY even more attractive to Buffett and to investors is OXY’s yield of 1.46%. While that’s nothing to write home about, it is attached to a Buffett-loved company that’s focused on aggressively growing its business.

Again, when OXY dips, buy it. Buffett probably will, too.

Interested in the Oil Boom? Learn more about how the 2024 Oil Boom could impact you.

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