Occidental Petroleum Stock Pops as Buffett Builds Stake

Berkshire Hathaway's stake has reached 22.2%

Deputy Editor
Mar 8, 2023 at 10:59 AM
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Occidental Petroleum Corp (NYSE:OXY) is up 4% at $63.30 at last glance, after it was revealed that Warren Buffett’s Berkshire Hathaway (BRK.A) has added roughly 5.8 million shares to its already large stake in the oil name over the past few trading sessions, bringing its stake to 22.2%. 

Today's pop has OXY back above its 20-day moving average, and grappling with its year-to-date breakeven. It's also worth noting support at the $58 level, which provided a floor in the last half of February. The shares were already due for a short-term bounce, per their 14-day relative strength index (RSI) of 27.6, which sits in "oversold" territory. 

Of the 17 analysts in coverage, five carry a "strong buy," with 11 a "hold," and one "strong sell," while the 12-month consensus price target of $72.92 is a roughly 16% premium to current levels. Short interest, meanwhile, represents 5.3% of the stock's available float, or four days' worth of pent-up buying power. 

Now looks like an opportune time to weigh in with options. Occidental Petroleum stock is seeing attractively priced premiums at the moment, per the security's Schaeffer's Volatility Index (SVI) of 35%, which sits in the low 3rd percentile of its annual range.



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