This Buffett Oil Stock Is Quietly Outperforming Chevron Under Greg Abel. Is It Worth Buying Now?
Occidental Petroleum has outperformed even Berkshire's other top energy investment, but the future hinges on another crude oil price spike.
Overview
Since Greg Abel took over as the new CEO of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) in January, much of the headlines have been about his changes to Berkshire Hathaway investments like Amazon, UnitedHealth, and Alphabet.
But an overlooked development with Warren Buffett's successor may be the strong performance of Occidental Petroleum (NYSE: OXY) shares. Occidental shares have surged by nearly 36% since January, outperforming major indexes like the S&P 500 (SNPINDEX: ^GSPC), which is up 14% year to date, as well as other major oil stocks, including Chevron (NYSE: CVX), another top Berkshire Hathaway holding, which is up by around 22.5%.
Details
The question now, as shares have delivered more muted performance in recent months, is whether a further rally is just around the corner.
Source
Originally published at www.fool.com.