3 Best Oil and Gas Stocks to Buy According to Billionaire Carl Icahn

2. Occidental Petroleum Corporation (NYSE:OXY)

Carl Ichan’s Stake Value: $1,331,110,000

Percentage of Carl Ichan’s 13F Portfolio: 5.91%

Number of Hedge Fund Holders: 60

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based company that is engaged in hydrocarbon exploration in the United States, the Middle East, and Colombia. The company also has vested interests in petrochemical manufacturing in the US, Canada, and Chile. The product portfolio at Occidental Petroleum Corporation (NYSE:OXY) includes petroleum, natural gas, and chemical substances. 

Carl Icahn, as of the third quarter of 2021, cut his stake in Occidental Petroleum Corporation (NYSE:OXY) by 9%. He still owns 45 million shares in the company, worth $1.33 billion, representing 5.91% of his total investments. 

On November 4, Occidental Petroleum Corporation (NYSE:OXY) announced its Q3 earnings, posting an EPS of $0.87, beating estimates by $0.21. The quarterly revenue totaled $6.82 billion, exceeding estimates by $247.24 million. 

Silvio Micheloto from Mizuho raised the price target on Occidental Petroleum Corporation (NYSE:OXY) to $50 from $48 and kept a Buy rating on the shares on November 30.

As per Insider Monkey’s database of 867 elite hedge funds, 60 funds were long Occidental Petroleum Corporation (NYSE:OXY) in the third quarter, with one of the largest stakeholders being Rajiv Jain’s GQG Partners, holding 19.85 million shares worth $587.2 million. 

Here is what Smead Capital Management has to say about Occidental Petroleum Corporation (NYSE:OXY) in its Q3 2021 investor letter:

“Oil stocks dominated our winners for the quarter. We showed that we have unlimited ability to tempt fate by buying into Occidental Petroleum (OXY) this year after it was our biggest loser of 2020. It gained 16.64% during the third quarter.”