Where Will Occidental Petroleum Stock Be in 1 Year?
The upstream energy giant faces some unpredictable challenges.
Occidental Petroleum (NYSE: OXY), commonly known as Oxy, gets a lot of attention because it's one of Warren Buffett's favorite energy stocks. Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) started investing in the oil and gas producer in the first quarter of 2022, and it increased its stake to $10.77 billion -- or 28.2% of its outstanding shares -- over the following three years. That accounts for 3.9% of Berkshire's portfolio and represents its seventh-largest investment.
But over the past 12 months, Oxy's stock has plunged about 40% as oil prices declined and the Trump administration raised its tariffs on the country's top trading partners. Will the stock bottom out at these levels and head higher over the next year?
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