Why Occidental Petroleum Jumped Nearly 26% Higher in May
Shares of U.S. energy giant Occidental Petroleum (NYSE: OXY) increased 25.8% in May 2022, according to data from S&P Global Market Intelligence. As of June 3, the stock is now up over 140% so far in 2022 alone. Why the big run-up? It certainly helped that energy prices remained high during the month, as did a solid first-quarter earnings report Occidental released on May 10.
The biggest reason for another leg higher, though, could likely be attributed to news that a famous investor by the name of Warren Buffett increased his stake in the oil company.
Image source: Getty Images.
Source Fool.com
