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The Oracle of Omaha's Top Stock Pick is Breaking Out
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One of the great investors of all time, Warren Buffett’s stock picks are closely followed by the investment community. The Sage of Omaha’s portfolio is looking a bit brighter this morning, as one of his top picks is breaking out to a 52-week high on heavy volume. With an astonishing track record, it’s no wonder why Buffett’s portfolio is heavily tracked by amateurs and professionals alike.
According to recent filings, Buffett has become the largest shareholder of Occidental Petroleum (OXY - Free Report) , owning about 20% of its stock. And this past Friday, Buffett received regulatory approval to purchase up to 50% of the outstanding shares. The Federal Energy Regulatory Commission (FERC) agreed that letting Berkshire increase its stake was “consistent with public interest.” The FERC regulates the interstate transmission of oil, natural gas, and electricity.
The news has invoked speculation that Berkshire may be gearing up to acquire Occidental. Berkshire owns more than 90 companies outright, including Dairy Queen ice cream, Geico car insurance, and See’s Candies. Following Russia’s February invasion of Ukraine, Buffett began acquiring shares of OXY as the company stood to benefit from rising oil prices. Now a beloved favorite of the veteran investor, the oil and gas producer is the best-performing stock in the S&P 500 this year.
And it’s easy to see why that’s the case. OXY has exceeded earnings estimates in each of the past four quarters, sporting an average 21.59% beat over this timeframe. The integrated oil and gas company most recently reported Q2 EPS earlier this month of $3.16/share, a 7.85% beat over the $2.93 consensus estimate. Revenues increased 10.22% year-over-year to $10.73 billion.
Shares are up more than 150% this year while the major indices continue to hover in a deep correction. Only stocks that are in the most powerful uptrends are able to weather this type of volatility. OXY is currently breaking out to a 52-week high, even as the price of oil has dropped near $90/barrel.
Image Source: Zacks Investment Research
Analysts have raised their full-year earnings estimates by 4.95% in the past 60 days. The Zacks Consensus Estimate now stands at $10.82/share, reflecting incredible growth of 324.31% relative to last year.
Image Source: Zacks Investment Research
There’s a reason he’s called the Oracle of Omaha, and investors would be wise to follow his holdings.
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The Oracle of Omaha's Top Stock Pick is Breaking Out
One of the great investors of all time, Warren Buffett’s stock picks are closely followed by the investment community. The Sage of Omaha’s portfolio is looking a bit brighter this morning, as one of his top picks is breaking out to a 52-week high on heavy volume. With an astonishing track record, it’s no wonder why Buffett’s portfolio is heavily tracked by amateurs and professionals alike.
According to recent filings, Buffett has become the largest shareholder of Occidental Petroleum (OXY - Free Report) , owning about 20% of its stock. And this past Friday, Buffett received regulatory approval to purchase up to 50% of the outstanding shares. The Federal Energy Regulatory Commission (FERC) agreed that letting Berkshire increase its stake was “consistent with public interest.” The FERC regulates the interstate transmission of oil, natural gas, and electricity.
The news has invoked speculation that Berkshire may be gearing up to acquire Occidental. Berkshire owns more than 90 companies outright, including Dairy Queen ice cream, Geico car insurance, and See’s Candies. Following Russia’s February invasion of Ukraine, Buffett began acquiring shares of OXY as the company stood to benefit from rising oil prices. Now a beloved favorite of the veteran investor, the oil and gas producer is the best-performing stock in the S&P 500 this year.
And it’s easy to see why that’s the case. OXY has exceeded earnings estimates in each of the past four quarters, sporting an average 21.59% beat over this timeframe. The integrated oil and gas company most recently reported Q2 EPS earlier this month of $3.16/share, a 7.85% beat over the $2.93 consensus estimate. Revenues increased 10.22% year-over-year to $10.73 billion.
Shares are up more than 150% this year while the major indices continue to hover in a deep correction. Only stocks that are in the most powerful uptrends are able to weather this type of volatility. OXY is currently breaking out to a 52-week high, even as the price of oil has dropped near $90/barrel.
Image Source: Zacks Investment Research
Analysts have raised their full-year earnings estimates by 4.95% in the past 60 days. The Zacks Consensus Estimate now stands at $10.82/share, reflecting incredible growth of 324.31% relative to last year.
Image Source: Zacks Investment Research
There’s a reason he’s called the Oracle of Omaha, and investors would be wise to follow his holdings.