Occidental Petroleum (OXY)

by | Jun 29, 2022 | Daily Trade Alerts

With oil prices up another $1 this morning, keep an eye on Occidental Petroleum (OXY).

After catching support at $55, the oversold stock is starting to pivot higher. From a current price of $61.71, we’d like to see it challenge prior resistance around $72.50. Helping, Berkshire Hathaway just bought another 794,000 shares of OXY for $44 million.

In addition, analysts at Truist just raised their price target on OXY to $93 from $88, with a buy rating. The firm says “there is a “good chance” that shareholder Warren Buffett buys the remaining two-thirds of the company that he and Berkshire Hathaway do not already own once the company achieves an investment grade rating,” as noted by TheFly.com.

OXY also declared a regular quarterly dividend of $0.13 per share on common stock payable on July 15, 2022, to stockholders of record as of June 10, 2022.

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