10 Firms End Trading Week Defying Market Bloodbath

7. Occidental Petroleum Corp. (OXY)

Shares in Occidental Petroleum (OXY) rallied by 0.75 percent on Friday to close at $48.56 apiece as investor confidence was boosted by billionaire Warren Buffett’s recent hoard of the company’s stocks.

Earlier this month, Buffett through his conglomerate Berkshire Hathaway, gobbled up nearly 9 million shares for more than $400 million to push Berkshire’s stake to 28.2 percent in Occidental Petroleum.

At present, Occidental is one of Berkshire’s largest holdings, having owned another $8.3 billion in preferred shares, earning an 8-percent dividend rate.

In a recent letter to his shareholders, Buffett said: “Under Vicki Hollub’s leadership, Occidental is doing the right things for both the country and its shareholders… Vicki truly knows how to separate oil from rock (fracking), which is a unique ability that is valuable to her shareholders and to her country.” Hollub is the company’s president and chief executive officer (CEO).