5 Best Fuel Stocks to Buy Now

3. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 66

Based in Houston, Texas, Occidental Petroleum Corporation (NYSE:OXY) is an international energy company with assets primarily in the United States, the Middle East, and North Africa.

Occidental Petroleum Corporation (NYSE:OXY) has focused on strengthening its balance sheet in the recent past. As part of this plan, the company repaid $4.8 billion of debt during Q2 2022, representing 19% of total outstanding principal.

On October 19, Barclays analyst Jeanine Wai raised the price target on Occidental Petroleum Corporation (NYSE:OXY) shares to $84 from $75 and maintained an ‘Overweight’ rating on the shares.

As of Q2 2022, 66 of the 895 hedge funds tracked by Insider Monkey held Occidental Petroleum Corporation (NYSE:OXY) shares valued at $13.8 billion. Warren Buffett’s Berkshire Hathaway was its biggest shareholder with ownership of 158.5 million shares valued at $9.3 billion.

During the third quarter of 2022, Berkshire Hathaway acquired further shares of Occidental Petroleum Corporation (NYSE:OXY) which brings the total number of shares owned by the investment company to 194.4 million, representing a 20.9% stake in the company. There is potential for the acquisition of all outstanding equity of the company by Warren Buffett which offers an M&A arbitrage opportunity.