Occidental Petroleum Corp (OXY)

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Occidental Petroleum upgraded at TD Cowen; Buffett buys more shares
By: Investing.com | March 28, 2023

TD Cowen analysts upgraded shares of Occidental Petroleum (NYSE:OXY) to Outperform from Market Perform.

“We see a superior risk-reward balance of superior exposure to crude pricing, capital structure shifts, captive buying support from Berkshire Hathaway, a favorable free cash yield, well productivity and a differentiated catalyst rich profile in a world of relatively homogeneity across E&Ps,” the analysts wrote in the upgrade note.

The new price target of $70 per share, from the prior $63, implies an upside potential of over 17% relative to yesterday’s closing price.

The upgrade comes while Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) continues to increase its stake in the oil company. Berkshire bought additional 3.7 million shares to boost its stake to 23.6%.

Transactions were recorded on March 23 and 27 at a combined cost of about $216 million. The stock is now worth roughly $12.6 billion.

Occidental shares are up almost 2% in premarket Tuesday but still down 5.3% year-to-date (YTD).

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