Jim Cramer’s Lightning Round: 9 Stocks in Spotlight

1. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 71

When Cramer was asked about Occidental Petroleum Corporation (NYSE:OXY), he questioned why Buffett was a buyer of the stock.

“I think it’s okay… it’s Warren Buffett’s oil. I don’t know why he anointed this one, but he’s anointed it, he got a very good preferred deal. Look, Coterra is the way I like to do this thing… And by the way, they are not climate deniers, all right. Coterra is run by Tom Jorden. The stock is really on a tear lately because people realize the last acquisition… brought… a lot more oil so that the portfolio between oil and natural gas is much more balanced. It’s a buy.”

Occidental Petroleum (NYSE:OXY) is involved in the acquisition, exploration, and development of oil and gas properties, as well as the production of chemicals and the transportation and marketing of oil, gas, and related products. According to Insider Monkey’s data, Berkshire Hathaway owned 255.28 million shares of the company worth $13.157 billion in the third quarter.

For the third quarter, it posted earnings of $0.98 per diluted share, significantly surpassing analysts’ expectations, largely due to its effective cost management practices. In terms of cash flow, Occidental Petroleum (NYSE:OXY) generated $3.8 billion in operating cash flow for the third quarter. The company’s production during the period averaged 1.4 million barrels of oil equivalent per day (BOE/d), surpassing the midpoint of its production guidance by 22,000 BOE/d.

While we acknowledge the potential of Occidental Petroleum Corporation (NYSE:OXY) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than OXY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

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