Is Occidental Petroleum Corp (NYSE:OXY) the Best Energy Dividend Stock Pick of Billionaire Paul Tudor Jones?

We recently featured a list of Top Dividend Stocks to Buy in 2024 According to Billionaire Paul Tudor Jones, with Occidental Petroleum Corp (NYSE:OXY) ranking 7th on the list. Billionaire Paul Tudor Jones made headlines for dressing as Neo from “The Matrix” at a fundraising event for the Robin Hood foundation, which raised $68.5 million. Jones, who founded Tudor Investment Corporation in 1980, emphasized the importance of “Warren Buffett-style compounding” during the event.

In a recent interview, Jones had predicted a recession starting in the first quarter of 2024, citing the US’s weak position. However, the market rally fueled by AI proved his prediction wrong. Jones highlighted that the financial markets reflect people’s ideas and their interpretation of the economic situation. He mentioned the possibility of the stock market staying the same or dropping in the next five to ten years, but also noted the potential for growth with a better policy response from the next US President.

Jones has been vocal about the impact of AI on society, referring to it as a potential savior. However, he also expressed concerns about AI-related threats, citing a survey where 58% of AI experts believed AI could end humanity. He emphasized the need for policymakers to address the balance between the benefits and threats of AI for sustainability.

Looking at Jones’ Q1 portfolio, we selected his top dividend stock picks, including Occidental Petroleum Corp (NYSE:OXY). OXY has a dividend yield of 1.4% and has maintained a consistent dividend payment record since 1985. The company recently made headlines for acquiring CrownRock for $12 billion, adding 170 thousand barrels/day in production. With Warren Buffett holding a significant stake in OXY, Wall Street sees it as a buy, with expectations of increased FCF and production from the CrownRock deal.

Overall, Occidental Petroleum Corp (NYSE:OXY) ranks 7th in our list of Top Dividend Stocks to Buy in 2024 According to Billionaire Paul Tudor Jones. While OXY shows promise, we believe AI stocks offer greater potential for higher returns in a shorter timeframe. For those interested in AI stocks with significant earnings potential, consider exploring our report on the cheapest AI stock.

In conclusion, while OXY presents a compelling investment opportunity, the future outlook for AI stocks may hold even more promise for investors. This article is originally published at Insider Monkey.