Joe Terranova Occidental Petroleum Corp OXY-N COMMENT Dec 22, 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.

Is shocked this hasn't move up more after Buffett added more shares and the war in the Middle East.

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.

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.

He shares the caller's bewilderment. Why didn't Warren come to Canada with its better valuations and resource depth? Could be because it has a clean tech division which earned tax credits when ESG was stronger than today. Inventory challenges. Better opportunities elsewhere.