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Occidental Petroleum: Q2 Results Prove Buffett Overpaid

 

  • Occidental Petroleum reported weak Q2'23 numbers with a big EPS miss.
  • OXY stock has been propped up by Warren Buffett aggressively buying shares over the last year at elevated prices.
  • Occidental Petroleum trades at over 20x normalized EPS targets and should be avoided.
After the close, Occidental Petroleum Corporation (NYSE:OXY) reported disappointing Q2 2023 results. As long predicted, analysts weren't accurately predicting the return to lower earnings based on historical energy prices. My investment thesis remains Bearish on OXY stock, still trading over $60 due to the Warren Buffett put.

Read the full article on Seeking Alpha. 

Disclosure: No position mentioned. Please review the disclaimer page for more details


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