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Benzinga

Business

Wayne Duggan

Warren Buffett Is Betting Big On Occidental Petroleum, But Analyst Sees 'Better Options Elsewhere'

Warren Buffett Occidental NYSE Occidental Petroleum Doug Leggate Petroleum Berkshire Berkshire Hathaway Inc Occidental Petroleum Corporation Oil

Shares of Occidental Petroleum Corporation (NYSE:OXY) jumped on Friday on news Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) and billionaire CEO Warren Buffett were granted permission to take an up to 50% ownership stake in Occidental. Buffett's seal of approval is good news for Occidental investors, but one analyst said Monday that there are better ways to invest in the oil industry than Occidental.

The Analyst: Bank of America analyst Doug Leggate reiterated his Neutral rating for Occidental, but raised his price target from $77 to $80.

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