Should You Follow Warren Buffett and Buy Occidental Petroleum?

Occidental Petroleum  (OXY) – Get Occidental Petroleum Corporation Report was up nicely on the day, with a 4.5% gain at the highs on Thursday. However, those gains were cut to just 0.56% at the close as energy prices remain volatile. 

That initial rally came on reports that Warren Buffett was again buying more stock. According to a recent SEC filing, Buffett upped his stake by more than $500 million last week.

That brings his total holdings to more than $8.5 billion, good for a 16% stake in the company. Buffett first started buying back in March and has continued to accumulate the stock along the way.

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