Investors may want to consider Occidental Petroleum, as we noted on July 14.
At the time, the OXY stock traded at just $56.65, “but could soon see higher highs,” we also said. “All on news Berkshire Hathaway just bought another $250 million worth of OXY stock between July 11, and 13, 2022.”
Today, the stock is up to $74 a share, and could gush even higher.
Not only are oil prices pushing higher on potential OPEC+ output cuts, but Berkshire Hathaway just got permission to buy a 50% stake in OXY.
“Buffett is taking advantage of stock market participants who are foolish about the oil and gas industry and consider it a dead business,” said Cole Smead, president of Smead Capital Management, as quoted by CNN. “Buffett thinks it can make him wealthy.”
If OXY can now break above prior resistance dating back to May, it could gush to higher highs. In fact, we believe it could potentially test $80 a share, near-term.