We recently compiled a list of the 10 Firms End Trading Week Defying Market Bloodbath. In this article, we are going to take a look at where Occidental Petroleum Corp. (NYSE:OXY) stands against the other stocks.
A wave of selling gripped Wall Street this Friday, pushing major indices lower as investors shifted capital towards more attractive investment opportunities.
Ten companies bucked an overall bearish market sentiment, booking significant gains during the last trading day of the week. Let’s explore how they managed to buck the trend and what factors contributed to their remarkable performance amidst widespread market uncertainty.
Oil derricks in the background with a few workers in the foreground, emphasizing the company’s oil and gas production activities.
Occidental Petroleum Corp. (NYSE:OXY)
Shares in Occidental Petroleum (OXY) rallied by 0.75 percent on Friday to close at $48.56 apiece as investor confidence was boosted by billionaire Warren Buffett’s recent hoard of the company’s stocks.
Earlier this month, Buffett through his conglomerate Berkshire Hathaway, gobbled up nearly 9 million shares for more than $400 million to push Berkshire’s stake to 28.2 percent in Occidental Petroleum.
At present, Occidental is one of Berkshire’s largest holdings, having owned another $8.3 billion in preferred shares, earning an 8-percent dividend rate.
In a recent letter to his shareholders, Buffett said: “Under Vicki Hollub’s leadership, Occidental is doing the right things for both the country and its shareholders… Vicki truly knows how to separate oil from rock (fracking), which is a unique ability that is valuable to her shareholders and to her country.” Hollub is the company’s president and chief executive officer (CEO).
Overall OXY ranks 7th on our list of the firms that ended the trading week defying market bloodbath. While we acknowledge the potential of OXY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than OXY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.