Warren Buffett is growing bullish on the oil market. His company, Berkshire Hathaway , now holds $25.9 billion worth of Chevron (NYSE: CVX) , a fivefold increase from its holdings at the end of 2021. Chevron is now Berkshire's fourth-biggest equity holding. Buffett also owns a significant stake in Occidental Petroleum after buying $7 billion in shares last month to complement his legacy investment in the oil giant. Buffett's oil bet is now more than $40 billion.
Clearly, Buffett is bullish on the oil market, fueled by the recent surge in crude prices to more than $100 a barrel. While investors could follow his lead and buy shares of Chevron or Occidental, there are several other compelling ways to invest in the oil patch. Three oil stocks that our energy contributors think investors should consider are Magellan Midstream (NYSE: MMP) , Pioneer Natural Resources (NYSE: PXD) , and Devon Energy (NYSE: DVN) .
Image source: Getty Images.
For further details see:
Warren Buffett Just Bought More Chevron Stock: Here Are 3 More Oil Stocks to Consider