Occidental was one of the best performers in 2022 on the back of rising oil prices, returning 119% last year.
It's time to take some profits from what was one of the best-performing energy stocks last year, according to investor Stephanie Link. The chief investment strategist and portfolio manager at Hightower said she sold shares of Occidental Petroleum , which outperformed last year on the back of rising oil prices. Occidental shares posted a return of 119% in 2022. This year, however, the energy name is down more than 3%.
" OXY 1Y mountain Occidental Petroleum shares 1-year Instead, the investor said she prefers shares of Schlumberger, saying she would add to the name if the stock starts to come down. Schlumberger shares are more than 1% higher in 2023. "So, I'm not getting more negative on energy. I'm just trying to get more particular, and the ones that I like better, I want to be buying, and I want to have a little cash to be able to do that," Link said.
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