Jim Cramer - Mad Money Occidental Petroleum Corp OXY-N DON'T BUY Nov 01, 2023

Likes it. Encouraging. Warren Buffett, one of the shrewdest, most patient investors of all time, is stepping up in the face of widespread negative sentiment. The most uncomfortable buys are usually the best ones. Don't chase the herd and buy NVDA. Be patient and tune out the noise.

Investors think the oil market is still in 2022. It's not. Would sell energy, though still holds this. Is nothing more than a hold.

He bought this late. Bought it because one of the greatest investors, Buffett, in the world bought it. Energy is a tough sector; expects the momentum will eventually turn and oil falls to the $80s.

With a strong balance sheet and earnings growth, OCY bought Crownrock. However, this won't make a difference in the face of supply of crude oil overwhelming demand. Yes, Berkshire's ownership is like a stamp of approval and is a big reason to own Oxy.

Berkshire just added to their large position, now 28%. This is a make or break quarter for energy. There's a divergence between the spot price of oil and oil stocks. Stop looking at that price which had gone nowhere in over 2 years.

It is very cheap. It tracks the price of crude pretty well and is still trading below when crude was at its lows a couple of years ago. He think oil is going to $85. It is an undervalued oil trade so he would consider options. Pays a nice dividend.      Buy 8  Hold 19  Sell 1

Yes, Warren Buffet owns it, but OXY has a lot of debt.