Why Warren Buffett's Favorite Energy Stock Is Sliding Premarket Today
Portfolio Pulse from Shanthi Rexaline
Occidental Petroleum Corp. (OXY) shares fell in premarket trading following the release of its Q2 results, which showed adjusted earnings of $0.68 per share on revenue of $6.73 billion, compared to the year-ago earnings of $3.16 per share and revenue of $10.74 billion. The company also redeemed preferred shares worth $522 million held by Berkshire Hathaway (BRK), which has been accumulating shares of Occidental and increased its stake to 25%.
August 04, 2023 | 12:39 pm
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NEGATIVE IMPACT
Occidental Petroleum's Q2 results were below expectations, leading to a drop in its share price.
Occidental Petroleum's lower-than-expected Q2 earnings and revenue, along with a fall in energy prices, have negatively impacted its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Occidental Petroleum redeemed preferred shares worth $522 million held by Berkshire Hathaway, which has been accumulating shares of Occidental.
The redemption of preferred shares held by Berkshire Hathaway is a significant event, but it's unclear how this will impact Berkshire's stock price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60