The stock market has gotten off to a red-hot start this year. The technology-heavy Nasdaq Composite is up 11% so far in 2024, fueled by hype in artificial intelligence (AI). Moreover, the S&P 500 has also gained close to 11% — signaling an overall strong profile among broader market sectors.
In particular, the energy industry has performed well so far this year — and Berkshire Hathaway CEO Warren Buffett has taken note. According to Berkshire’s latest 13F filing, Buffett only added to one existing position during the first quarter of 2024.
The Oracle of Omaha scooped up 4.3 million shares of oil and gas conglomerate Occidental Petroleum (NYSE: OXY). Should you follow Buffett’s lead? Let’s find out.
A breakdown of Occidental Petroleum
The energy sector is comprised of many different types of businesses. From nuclear energy, refining, and pipelines, there are loads of companies contributing to the overall energy landscape.
Occidental Petroleum primarily operates as an oil and natural…
2024-05-24 06:15:00
Post from finance.yahoo.com