Should You Add Occidental Petroleum Corporation (OXY) to Your Portfolio?

Consequently, key money managers were leading the bulls’ herd. Soroban Capital Partners established the largest call position in Occidental Petroleum Corporation (NYSE:OXY). Millennium Management also made a $82 million investment in the stock during the quarter. The other funds with new positions in the stock are Gordy Holterman and Derek Dunn’s Overland Advisors, Sander Gerber’s Hudson Bay Capital Management, and Daniel S. Och’s OZ Management.

Let’s go over hedge fund activity in other stocks similar to Occidental Petroleum Corporation (NYSE:OXY). These stocks are Rio Tinto plc (ADR) (NYSE:RIO), E I Du Pont De Nemours And Co (NYSE:DD), Banco Santander, S.A. (ADR) (NYSE:SAN), and Itau Unibanco Holding SA (ADR) (NYSE:ITUB). This group of stocks’ market caps are closest to OXY’s market cap.

As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $1.21 billion. That figure was $1.04 billion in OXY’s case. E I Du Pont De Nemours And Co (NYSE:DD) is the most popular stock in this table. On the other hand, Banco Santander, S.A. (ADR) (NYSE:SAN) is the least popular one with only 16 bullish hedge fund positions. Compared to these stocks Occidental Petroleum Corporation (NYSE:OXY) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.