An industry sea-change and a tremendous investment by Berkshire Hathaway helped fuel shares of Occidental Petroleum.
It has been a brutal bear-market year for stocks in 2022. Stocks have plunged by nearly 19%, as measured by the S&P 500, and many once-highflying tech stocks have fallen even more.
Occidental Petroleum OXY is MarketWatch’s 2022 stock of the year. Occidental is the best-performing stock in the S&P 500 SPX this year and by some measures the stock is still cheaply priced, despite Berkshire Hathaway CEO Warren Buffett’s vote of confidence and the strength of the energy sector. By the end of the third quarter, Berkshire’s stake in Occidental Petroleum’s common shares had increased to 21.38%, according to FactSet.Getting back to Occidental, the company’s revenue for the first three quarters of 2022 increased 57% to $28.42 billion, while its earnings per share shot up to $10.64 from 19 cents a year earlier.
What lies ahead? Take a look at this chart showing how oil-industry investment was declining as demand was increasing through 2021: An inexpensive stock and sector Here’s how the 11 sectors of the S&P 500 have performed this year, and how their forward price-to-earnings ratios have changed:
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