Just last week, we mentioned that Warren Buffett’s Berkshire Hathaway just bought more shares of Occidental Petroleum (OXY).
In fact, after OXY pulled back about 30% from its high, the firm picked up another 763,017 shares for just over $35.7 million. That follows the firm’s 8.9 million share purchase in December on another pullback.
Oversold, OXY is also starting to pivot higher from double bottom support. It’s also starting to push higher from over-extensions on RSI, MACD and Williams’ %R. From. Its last traded price of $48.61, we’d like to see OXY initially retest $53.20, we added.
Today, shares of OXY are up to $51.65 and could soon retest $54.
Helping, OXY just reported better-than-expected fourth-quarter earnings and said it reached its near-term debt reduction target. The company’s fourth quarter EPS of 80 cents beat estimates by 13 cents. Revenue of $6.84 billion, down 9.2% year over year, missed by $300 million.
OXY also increased its quarterly dividend by 9% to $0.24 per share, payable April 15, 2025, to stockholders of record as of March 10, 2025. Plus, as noted by the company, “Strong operational performance drove operating cash flow of $3.6 billion and operating cash flow before working capital of $3.1 billion.”
“Our teams continued to demonstrate industry-leading performance during the fourth quarter of 2024, outperforming guidance across all three segments and delivering record U.S. production while improving our capital efficiency,” said President and CEO Vicki Hollub.
“Our operational excellence translated to another quarter of strong financial results, highlighted by our fourth quarter operating cash flow, enabling us to achieve our near-term debt repayment target of $4.5 billion. Additional key differentiators for Occidental are our 2024 all-in reserve replacement of 230% and organic reserves replacement of 112%, which are indicators of our long-term sustainability.”
In short, OXY is still an attractive buy opportunity.
Related Reading: Big Tech’s $17 Trillion Reckoning Day
The world’s biggest tech companies are silently sounding the alarm.
While everyday investors keep piling into names like Nvidia, Apple, and Amazon… the owners of those very companies — Jensen Huang, Tim Cook, and Jeff Bezos — are dumping their OWN shares at a record pace.
This selling spree is exactly what we saw 25 years ago… right before the dot-com crash wiped out millions of American’s portfolios.
Now, “America’s top trader” is warning that big tech could be barreling right toward another dot-com style implosion.
