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Opinions Joe Terranova
Occidental Petroleum CorpOXYBUYDec 11, 2023
Joe TerranovaUnknown
$57.06
Stock price when the opinion was issued
$51.85
As of Jun 18, 2026. Market Open.
integrated oils
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HOLD
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.
Joe TerranovaOwned
integrated oils
BUY
BRK.A boosting its stake.
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.
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COMMENT
Top stock on the S&P in 2022, up 115%. The heavy short action has unwound a lot. Energy is the top performer by far--even beyond crude oil prices--in 2022. Looking ahead: these companies will focus on improving debt and serving shareholders.
Joe TerranovaOwned
integrated oils
BUY
Things were dicey for them in 2019 when they borrowed a lot of money to buy a company, then crude oil plummeted in April 2020 and so did OXY. But OXY is incredibly sensitive to oil prices, falling further when crude oil falls, but rallying higher when crude rises. Therefore, it's gone from fighting for survival to printing money. Who knows? Maybe Berkshire Hathaway will buy all of OXY, since BH keeps buying more shares of it. OXY is still good if crude oil holds at this price.
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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.