Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B), a more-than-10% owner of Occidental Petroleum (NYSE:OXY), bought additional shares worth $153.27 million of the energy major last week. OXY shares were up 1.1% in Monday’s pre-market trading as of the last check.
Occidental Petroleum is one of the biggest oil and natural gas exploration and production companies in the U.S. Buffett’s Berkshire has been accumulating its stake in Occidental, reflecting confidence in the energy company’s growth prospects. The Oracle of Omaha has a strong understanding of Occidental’s business and financials and continues to acquire a higher number of shares in the company, with regular intermittent purchases.
A Closer Look at the Insider’s Transactions
As per the Form 4 filing with the SEC, Berkshire Hathaway made multiple indirect purchases of OXY shares between June 5 and 7, 2024, through its subsidiary National Indemnity Company. Berkshire bought 2,565,477 shares at average prices ranging from $59.4800 to $59.8650 per share.
It is worth noting that following the latest buy trade, Berkshire Hathaway now owns 250.58 million OXY shares worth roughly $14.91 billion. Moreover, the insider owns 84,897 shares of Occidental’s Series A Preferred stock as well as convertible warrants totaling 83,858,848.
Occidental Petroleum stock currently has a Positive Insider Confidence Signal on TipRanks based on Informative Buy transactions undertaken in the last three months.
It is important to keep an eye on the Informative trades of corporate insiders, given their knowledge of a company’s growth potential. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is OXY a Buy or Sell Now?
Despite Buffett’s optimistic view on OXY stock, Wall Street prefers to remain on the sidelines. On TipRanks, OXY stock has a Hold consensus rating based on two Buys versus 12 Hold recommendations. The average Occidental Petroleum price target of $72.15 implies 21.3% upside potential from current levels. In the past six months, OXY shares have gained 4.2%.
