5 Best Crude Oil Stocks to Buy Today

3. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 57

Price as of November 4, 2021: $33.75

Occidental Petroleum Corporation (NYSE:OXY) is one of the largest oil producers in the US. The company was successful in its acquisition of Anadarko Petroleum in August 2019 for $55 billion. Under the bold leadership of its CEO, Vicki Hollub, Occidental was able to outbid Chevron Corporation (NYSE:CVX), a company five times bigger than Occidental, in the acquisition of Anadarko.

However, the CEO received a major assist from Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK-A). The Oracle of Omaha bankrolled the deal by buying $10 billion worth of preferred stock in Occidental Petroleum Corporation (NYSE:OXY) under the condition that the takeover will be completed.  This has brought Occidental to the forefront in the E&P industry.

The company reported its Q3 earnings after the closing bell on November 4. Occidental Petroleum Corporation (NYSE:OXY) reported adjusted EPS of 87 cents per share, beating the analysts’ estimate by 20 cents. The company also generated record cash flows and was able to pay back $4.3 billion worth of debt during the three months.

Since the start of the year, the stock price of Occidental Petroleum Corporation (NYSE:OXY) has nearly doubled. However, analysts still see more upside potential in the organization. On October 26, Vincent Lovaglio at Mizuho raised Occidental’s price target from $39 to $48 while maintaining a Buy rating. Lovaglio expects the company to be benefitted from unconventional oil production growth during the second half of 2022.