Warren Buffett was mentored by Benjamin Graham, the father of value investing. It's no surprise, therefore, that Buffett has scrutinized the valuations of every stock he's bought throughout his long and successful career.

Can value investors today get solid investment ideas from the stocks Buffett buys? I think so. The legendary investor bought seven stocks in the second quarter of 2024. Here's the best of the bunch for value investors.

Buffett's Q2 buys

Buffett initiated new positions in only two stocks during Q2. He purchased 1.04 million shares of aerospace and electronics company Heico (HEI -0.29%) for Berkshire Hathaway's (BRK.A 0.40%) (BRK.B 0.48%) portfolio. He also bought over 690,000 shares of cosmetics retailer Ulta Beauty (ULTA -1.74%).

Arguably the most expected trade for Buffett during the second quarter was his scooping up 7.26 million additional shares of Occidental Petroleum (OXY -0.86%). The oil stock ranks as Berkshire's sixth-largest holding. Buffett said in his letter to Berkshire Hathaway shareholders earlier this year that he expects to own a stake in Occidental "indefinitely."

Another purchase for Buffett in Q2 shouldn't come as a shock, either. He increased Berkshire's position in Chubb (CB 0.71%) by nearly 4.3%, adding 1.11 million shares of the big insurer. After initiating a position in Chubb last year, it now ranks as Berkshire's ninth-largest holding.

The other three buys for Buffett in Q2 share a common denominator. He bought 2.43 million shares of Liberty SiriusXM Group Class A (LSXMA) and 4.52 million shares of Liberty SiriusXM Group Class C (LSXMK). Both stocks reflected Liberty Media's interest in Sirius XM Holdings (SIRI -2.56%). For good measure, Buffett also bought 96.2 million shares of Sirius XM itself, boosting Berkshire's stake in the satellite radio and podcast company by more than 262%.

Several stocks that value investors might like

I think value investors might like several of the stocks Buffett bought in Q2. Actually, the only stock we can easily cross off the list is Heico. Its shares trade at a sky-high forward price-to-earnings ratio of 61.3.

Ulta Beauty could be too expensive for some value investors. However, its forward earnings multiple of 16.3 isn't bad. That's especially the case considering that the S&P 500 currently trades at 21.5 times forward earnings.

But value investors should feel quite comfortable with Buffett's other Q2 buys. Sirius XM trades at a hair below 12 times forward earnings. Chubb's forward earnings multiple is 11.9.

Occidental Petroleum is even cheaper, trading at 11 times forward earnings. The fact that Berkshire Hathaway has won regulatory approval to acquire up to 50% of the company and only owns 27.3% of Oxy now should give value investors even more confidence in the stock.

The best of the bunch

The best of the bunch for value investors among Buffett's Q2 purchases would have been a tie between Liberty SiriusXM Group Class A and Liberty SiriusXM Group Class C. As of Sept. 9, 2024, both stocks traded at a little over 6.5 times forward earnings.

Note the use of the past tense in the above statement, though. Neither stock is available for purchase anymore. Last week, a merger between Sirius XM Holdings and Liberty SiriusXM Group was completed, along with an accompanying 1-for-10 reverse stock split. With the Liberty SiriusXM Group stocks out of contention, that leaves Occidental as the easy pick as the best of the bunch for value investors.

If you want a reason in addition to a low valuation to buy Oxy, check out the company's investment in direct air capture, a type of carbon capture where carbon dioxide is sucked out of the air. If this technology is successful, Occidental Petroleum could be a massive winner for years to come.