U.S. politician dumps this Warren Buffett stock favorite
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Republican Congressman Michael McCaul of Texas has recently offloaded a significant portion of Occidental Petroleum (NYSE: OXY) shares, a move that comes amid the stock’s declining performance. According to data retrieved from Finbold’s U.S. Politician Insider Stock Trading Tracker, McCaul’s sale, valued between $15,001 and $50,000, was disclosed on December 18, 2024, and executed on November 19, 2024. On the day of the transaction, Occidental Petroleum was trading at $50.50. By the date of disclosure, the stock had dropped to $46.02, marking a decline of 8.88% — a timely decision that potentially saved the Congressman from further losses. Michael McCaul OXY stock sale. Source: U.S. Politician Insider Stock Trading Tracker OXY shares fall to 2.5-year lows Occidental Petroleum, a favorite of legendary investor Warren Buffett, has been on a downward spiral, shedding 8.87% over the past month and a troubling 23.36% year-to-date, hitting a 2.5-year low. The stock’s current price of $46.02 is a significant drop from its 52-week high of $70.30, approaching its low of $45.79. Buffett’s Berkshire Hathaway holds a substantial position in Occidental, owning 255.28 million shares, which represents 4.9% of Berkshire’s portfolio. With an average purchase price of $51.54, Buffett’s stake is currently facing a paper loss of approximately 10.7%. McCaul’s decision to sell OXY reflects growing investor caution around the stock’s volatility and broader concerns about the energy sector’s outlook. Occidental has faced headwinds from fluctuating oil prices, global economic uncertainties, and investor sentiment shifting away from traditional energy toward cleaner alternatives. Seemingly the bearish outlook on OXY might have influenced McCaul’s move, underscoring the broader trend of politicians seeking to mitigate risk in an uncertain market environment. Featured image via Shutterstock Source: https://finbold.com/u-s-politician-dumps-this-warren-buffett-stock-favorite/
