If you invested $1,000 in Occidental Petroleum (OXY) stock at the low point of the COVID-19 pandemic, here's how much you would have now

Investors who bought stocks during the COVID-19 stock market crash of 2020 have generally made big gains over the past two years. But there's no doubt that some big-name stocks have performed better than others since the trough of the pandemic.

Rocky road from Occidental: Oil and gas company Occidental Petroleum Corporation OXY is one of the companies that has made a great investment in the past two years.

Like many other businesses, the COVID-19 pandemic crushed Occidental's business in 2020. In fact, WTI crude oil futures briefly fell below zero during the worst of the pandemic selloff as demand plummeted and oil buyers ran out of storage space.

At the start of 2020, Occidental shares were trading at $41.63. By early March, the stock had fallen to $33.55 as news of the spread of the coronavirus in China sparked concerns of a pandemic in the United States.

When the S&P 500 hit its pandemic low in March 2020, Occidental shares traded at $9. Unfortunately, while the S&P 500 rebounded from there, the worst was yet to come for Occidental.

On April 20, 2020, WTI crude oil futures fell below zero per barrel for the first time in history, settling at an all-time high of minus $37.63. The May WTO contracts expired the next day and prices quickly rebounded into positive territory.

At the start of June 2020, Occidental shares were back above $20 before the rebound faltered. On October 29, 2020, Occidental reached its 2020 pandemic low of $8.52.

Occidental bounced off those October 2020 lows and the stock quickly turned red.

Related link: If you invested $1,000 in Exxon Mobil stock during the lows of the COVID-19 pandemic, here's how much you would would have now

Occidental In 2022, beyond: WTI crude oil prices hit new post-pandemic highs above $65/bbl in March 2021, and Occidental shares exceeded $25 in February 2021. Inflation, global energy shortages and the war in Ukraine pushed crude oil prices up to $130 in March 2022.

Inflation has weighed on many stocks, but this is good news for energy stocks like Occidental. In the last quarter, Occidental reported revenue growth of 79.1% and net profit of $3.7 billion.

Wall Street legend and CEO of Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) Warren Buffett has been aggressively buying shares of Occidental throughout the throughout 2022, helping to make it one of the best performing stocks in the entire S&P 500 in the first nine months of the year. Occidental shares climbed as high as $77.13 in August 2022 before lower oil prices at least temporarily halted the rally.

Related link: If you invested $1,000 in Marathon Oil (MRO) stock during the lows of the COVID-19 pandemic, here's how much you would have now

Occidental shares fell to around $61.73 and WTI prices fell to $79.98, but inflation and energy shortages continue.< /p>

Investors, who bought Occidental shares on the day they hit 2020 pandemic lows and held, have generated impressive returns at this point. In fact, $1,000 of Occidental stock purchased on October 29, 2020 is worth approximately $6,859 today, assuming dividends reinvested.

Looking ahead, analysts expect Western equities to continue rising over the next 12 months. The average price target among the 23 analysts covering the stock is $74, suggesting a 20% upside from current levels.

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