5 Best Energy Stocks for Inflation

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 67

Occidental Petroleum Corporation (NYSE:OXY) is an American company that explores and develops oil and gas properties in the United States, the Middle East, Africa, and Latin America. The stock has gained over 107% year to date as of July 25. On July 18, Warren Buffett’s Berkshire Hathaway added almost 2 million Occidental Petroleum Corporation (NYSE:OXY) shares to its portfolio, which lifted its existing position closer to a 20% stake in the company. The billionaire investor is attracted to the company’s renewable energy ambitions, strong free cash flow, and notable capital decisions by the CEO, Vicki Hollub.

Truist analyst Neal Dingmann on July 19 raised the price target on Occidental Petroleum Corporation (NYSE:OXY) to $105 from $93 and kept a Buy rating on the shares as part of a broader research note previewing Q2 results in the E&P space. According to Insider Monkey’s data, 67 hedge funds were bullish on Occidental Petroleum Corporation (NYSE:OXY) at the end of Q1 2022, up from 58 funds in the earlier quarter. 

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.”