2024-05-12 07:23:00 ET
Want to find profitable oil stocks? Pay attention to what Warren Buffett is buying. His holding company, Berkshire Hathaway , now owns several oil stocks . Two in particular are worth diving into now.
As of last quarter, Berkshire Hathaway held around 250 million shares of Occidental Petroleum (NYSE: OXY) worth roughly $14 billion. Given that Occidental has a market share of only $57 billion, Berkshire's stake translates into nearly 25% ownership of the entire company.
Occidental has many things going for it in today's operating environment. Analysts at Scotiabank recently upgraded the stock to sector outperform with a price target of $90 per share. With the current stock price hovering just above $60, that would represent nearly 50% in total upside.
For further details see:
The Smartest Oil Stocks to Buy With $1,000 Right Now