$OXY - Recommended reading Book.
Added 2024-07-29 15:13:15 +0000 UTCTesting its descending wedge breakout level now at $59, which is in between the 0.618 Fib and 0.78 Fib.
$OXY announced today that they are selling $970million worth of assets in order to reduce debt but are in the process of making a sizeable acquisition in another energy stock shortly, this move is hallmark Buffett and I suspect he is guiding the board on its direction in order to achieve maximum shareholder value
Reducing flat or none core items from their books is textbook Buffett advice, he has been advising this since the 60's with Capital Cities and the Post.
An excellent book to read is Outsiders, it gives a breakdown of how the best CEO's in the US behave in order to return maximum value to holders.
Buffett was at the core of a lot of these returns.
$OXY we are looking for a hold here or on the 0.78 Fib at $58, I suspect Buffett will add again if the price enters his buy zone.
