Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Buffett just loaded up on shares of Occidental Petroleum: should you too? By: Invezz December 14, 2023 at 11:38 AM EST Occidental Petroleum Corp (NYSE: OXY) is up 4.0% today following news that Warren Buffett increased his stake further in the oil producer this week.Buffett now has a 27% stake in Occidental PetroleumThe legendary investor bought more than 10 million shares of the Houston-headquartered firm for $588 million across multiple transactions in recent days.Buffett now owns about 27% of Occidental Petroleum, as per a filing with the Securities & Exchange Commission on Thursday. His conglomerate Berkshire Hathaway also has warrants to buy another 83.8 million shares of the New York listed firm.The “Oracle of Omaha” opting to purchase more shares of Occidental Petroleum signals his confidence in the $12 billion acquisition of CrownRock that the oil giant announced on Monday (read more).Watch here: https://www.youtube.com/embed/ZXClrCLAGUU?feature=oembed$OXY is currently down over 10% versus its year-to-date high.Is it worth investing in Occidental Petroleum Corp?It is worth mentioning here, though, that Roger Read – a Wells Fargo analyst reads the aforementioned transaction differently.Read maintained his “hold” rating on Occidental Petroleum this week as the CrownRock deal is coupled with a material increase in leverage. That’s because the hydrocarbon exploration company plans on issuing $1.7 billion in stock and $9.1 billion in debt to finance the said acquisition.Occidental Petroleum will have to divest up to $6.0 billion worth of assets to manage this leverage, which, as per the Wells Fargo analyst, creates financial uncertainty that may hurt the momentum in $OXY.Occidental Petroleum $OXY closed at its lowest price in almost 20 months along with an imminent Death Cross. How is Warren reacting to this? pic.twitter.com/rs8m22i3mL— Barchart (@Barchart) December 12, 2023No immediate prospect of a stock buyback programme also contributed to his neutral rating on Occidental Petroleum.The post Buffett just loaded up on shares of Occidental Petroleum: should you too? appeared first on Invezz Related Stocks: Ipath Pure Beta Crude Oil ETN Liberty All Star Equity Fund Occidental Petroleum Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Buffett just loaded up on shares of Occidental Petroleum: should you too? By: Invezz December 14, 2023 at 11:38 AM EST Occidental Petroleum Corp (NYSE: OXY) is up 4.0% today following news that Warren Buffett increased his stake further in the oil producer this week.Buffett now has a 27% stake in Occidental PetroleumThe legendary investor bought more than 10 million shares of the Houston-headquartered firm for $588 million across multiple transactions in recent days.Buffett now owns about 27% of Occidental Petroleum, as per a filing with the Securities & Exchange Commission on Thursday. His conglomerate Berkshire Hathaway also has warrants to buy another 83.8 million shares of the New York listed firm.The “Oracle of Omaha” opting to purchase more shares of Occidental Petroleum signals his confidence in the $12 billion acquisition of CrownRock that the oil giant announced on Monday (read more).Watch here: https://www.youtube.com/embed/ZXClrCLAGUU?feature=oembed$OXY is currently down over 10% versus its year-to-date high.Is it worth investing in Occidental Petroleum Corp?It is worth mentioning here, though, that Roger Read – a Wells Fargo analyst reads the aforementioned transaction differently.Read maintained his “hold” rating on Occidental Petroleum this week as the CrownRock deal is coupled with a material increase in leverage. That’s because the hydrocarbon exploration company plans on issuing $1.7 billion in stock and $9.1 billion in debt to finance the said acquisition.Occidental Petroleum will have to divest up to $6.0 billion worth of assets to manage this leverage, which, as per the Wells Fargo analyst, creates financial uncertainty that may hurt the momentum in $OXY.Occidental Petroleum $OXY closed at its lowest price in almost 20 months along with an imminent Death Cross. How is Warren reacting to this? pic.twitter.com/rs8m22i3mL— Barchart (@Barchart) December 12, 2023No immediate prospect of a stock buyback programme also contributed to his neutral rating on Occidental Petroleum.The post Buffett just loaded up on shares of Occidental Petroleum: should you too? appeared first on Invezz Related Stocks: Ipath Pure Beta Crude Oil ETN Liberty All Star Equity Fund Occidental Petroleum