Occidental PetroleumNYSE: OXY

HOUSTON, July 02, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) will announce its second quarter 2024 financial results after close of market on Wednesday, August 7, 2024, and will hold a conference call to discuss the results on Thursday, August 8, 2024, at 1 p.m. Eastern/12 p.m.

Warren Buffett bought another $435 million worth of Occidental Petroleum stock in June. Current trends in commodity prices are serving as a tailwind for Occidental.

Recently, Zacks.com users have been paying close attention to Occidental (OXY). This makes it worthwhile to examine what the stock has in store.

Berkshire Hathaway Inc. recently added more Occidental Petroleum Corporation stock, accumulating a nearly 29% stake in the company. Berkshire could buy more shares considering Occidental Petroleum's valuation, Warren Buffett's interest in energy, and Berkshire's cash position. Occidental Petroleum is a good opportunity by itself already due to attractive valuation and earning catalysts.

Over the past few weeks, Warren Buffett has been buying shares of Occidental Petroleum Co. NYSE: OXY to bring his net stake up to 29%, which is not Buffett's usual behavior. When the Oracle of Omaha invests this heavily—and this quickly—in a stock, there must be a good enough reason to justify these quick and aggressive decisions.

Occidental Petroleum's transformation since 2020 has worked in investors' favor. The oil and gas stock has more than doubled investors' money in just three years.

Occidental Petroleum (OXY) reachead $62.44 at the closing of the latest trading day, reflecting a +1.93% change compared to its last close.

After showing relative strength in the first quarter, the energy sector and the Energy Select Sector SPDR Fund ETF NYSEARCA: XLE trended lower in the second quarter, recouping most of their gains. Now up just over 5% year-to-date, the sector is underperforming the market and its benchmark.

If you had bought shares in Occidental Petroleum in June last year, the company's share price was lurking just south of the $60 mark at around $57. Twelve months down the road, the price is currently just north of $60 at around $61.