The last time we spoke about Occidental Petroleum (OXY), it traded at $61.04.
Today, it’s up to $62.10. Granted, that’s nothing to write home about yet.
But we’re again highlighting it because Warren Buffett is still aggressively buying. In fact, his firm – Berkshire Hathaway just bought another 3.7 million shares for $218 million. That means the firm now owns $12.6 billion worth of OXY.
Also, according to Barron’s, “In addition to the equity holding, Berkshire owns nearly 84 million warrants to buy Occidental stock that can be exercised at just under $60 a share and $10 billion of Occidental preferred stock paying an 8% dividend rate.”
Even better, Cowen analysts just upgraded the OXY stock to outperform from market perform, with a price target of $70 a share. Barclays analyst Jeanine Wai also raised the firm’s price target on Occidental Petroleum to $78 from $70, with an Overweight rating. Mizuho also raised the firm’s price target on Occidental Petroleum to $83 from $82, with a buy rating.
Technically, if OXY can break above resistance around $63.39, it could potentially test $66.
At the moment, OXY is up about $2.40 on the day to $62.10.