May 31, 2023

Brighton Journal

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Warren Buffett adds more Western oil as energy stocks increase

Warren Buffett added more Occidental Petroleum (OXY) stock him Berkshire Hathaway (BRKB) in recent days, boosting its stake in the US energy company. Meanwhile, OXY stock was upgraded on Tuesday.


Berkshire Hathaway has bought about 3.6 million shares of Occidental, according to a regulatory filing late Monday. After the purchases, Buffett now owns 23.5% of the Houston energy company’s shares, or approximately 211 million shares.

Buffett bought OXY shares between March 23rd and March 27th at prices ranging from 58.28-59.62. This comes after Buffett bought 8 million shares of OXY stock between March 13th and March 16th. Berkshire Hathaway bought about 6 million shares of Occidental Petroleum earlier in the month.

During the latter half of 2022, Buffett has been on a buying spree of OXY shares, with the billionaire investor targeting stocks in the $57 to $61.5 price range.

Warren Buffett and Oxy Stock

The stock rose 4.3% to around 62.22 on Tuesday during market trade. On Monday, OXY stock closed up 2.5%, at 59.65. Buffett bought OXY shares on Monday, targeting prices between 58.61-59.62.

On Tuesday, TD Cowen upgraded Occidental to “outperform” from its “market perform” rating. Furthermore, analyst David Deckelbaum has a stock price target for OXY at 70, up from 63.

Occidental, Decklebaum writes, offers “superior” exposure to crude oil pricing, capital structure shifts, a favorable free cash yield, and Buffett’s “constrained buying support.”

Meanwhile, on Monday Morgan Stanley (MsAnalyst Devin McDermott cut the company’s OXY price target to 61, down from 71, and maintained the “Equal Weight” rating for the stock.

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chevron (CVX), another favorite of Warren Buffett, advanced 1.2% on Tuesday. CVX shares closed up 1% on Monday, at 157.65. Also, Berkshire Hathaway owns $27 billion in Chevron stock.

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