Warren Buffett ‘can’t seem to save’ his favorite energy stock amid new lows
The post Warren Buffett ‘can’t seem to save’ his favorite energy stock amid new lows appeared on BitcoinEthereumNews.com.
Occidental Petroleum Corp (NYSE: OXY), a favorite of Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A), continues to record losses even as the billionaire maintains confidence in the company. OXY has taken another hit after the equity fell to its lowest since December 2024. The stock closed at $46.65 on January 31, down 4.64% on the day, marking a significant retreat from recent highs when OXY attempted to hold above the $50 mark. OXY stock price chart. Source: Barchart The stock’s price has been volatile over the past six months, as per analysis by Barcharts in an X post on February 2. After peaking near $60 in August 2024, OXY experienced multiple pullbacks, falling steadily throughout November and December. “Warren Buffett can’t seem to save Occidental Petroleum – $OXY has fallen to its lowest price since December and is approaching Warren Buffett’s latest purchase price, which marked a local bottom,” Barchart stated. The lowest point came on December 19, when Berkshire Hathaway purchased $400 million worth of shares, lifting the stock. However, OXY’s recovery was short-lived, and the stock is now rapidly approaching its low point in December once again as it remains below the 200-day moving average (MA). At the same time, data provided by charting platform TrendSpider indicated that the stock’s relative performance against the S&P 500 has also been weak despite Buffett’s steady accumulation. OXY stock price analysis chart. Source: TrendSpider Buffett’s confidence in Occidental Petroleum Berkshire owns 264 million Occidental shares worth $12 billion, a 28% stake. Along with Chevron (NYSE: CVX), it is one of Berkshire’s key energy investments. Notably, Buffett has been selective about buying more since June 2024. He previously stated he doesn’t intend to acquire all of Occidental but admires its CEO, Vicki Hollub. Some investors still hope for a full buyout. Indeed, amid…
Filed under: News - @ February 2, 2025 7:25 pm