Occidental Petroleum Still Isn't as Good as ExxonMobil or Chevron in 1 Very Important Way
When Warren Buffett invests in a business, the market generally views it as a huge vote of support for that business. Occidental Petroleum (NYSE: OXY) can vouch for that claim following Berkshire Hathaway's investment in its stock. The Oracle of Omaha also provided pivotal support for the energy company's acquisition of Anadarko Petroleum, which it bought out from under Chevron (NYSE: CVX).
Before you run out and buy Occidental as well just because Buffett (through Berkshire) owns it, though, you need to take a deeper look at what has happened to Occidental since the Anadarko deal.
Chevron announced it would be buying Anadarko Petroleum in April 2019. Shortly thereafter, Occidental announced it was making a counteroffer, attempting to buy Anadarko away from Chevron. Buffett was in the mix at this point, helping to fund Occidental's offer. There was a short period of uncertainty in which it was unclear who would end up buying Anadarko and at what price, but in the end, Chevron decided to step away.
Source Fool.com
Occidental Petroleum Corp. Stock
With 21 Buy predictions and 2 Sell predictions Occidental Petroleum Corp. is one of the favorites of our community.
With a target price of 70 € there is a slightly positive potential of 16.12% for Occidental Petroleum Corp. compared to the current price of 60.28 €.
