5 Best Oil Stocks to Buy According to Hedge Funds

2. Occidental Petroleum Corporation (NYSE:OXY)

No. of Hedge Fund Holders: 74

Occidental Petroleum Corporation (NYSE:OXY) is an international energy company, having assets principally in the US, the Middle East and North Africa. The company is one of the largest oil producers in the U.S.

The company has released its Q3 2022 results. It surpassed production guidance midpoint by 25 Mboed, with production of 1,180 Mboed. Oil and gas pre-tax income for Q3 2022 came at $3.3 billion against pre-tax income of $4.1 billion for Q2 2022. Excluding the items which affect comparability, fall in oil and gas income against Q2 2022 was because of lower crude oil and natural gas liquids (NGL) prices. However, this decrease was limited by rise in sales volumes throughout commodities, higher gas prices and lower DD&A rates.

Morgan Stanley covered Occidental Petroleum Corporation (NYSE:OXY) and it raised its price target from $73.00 to $74.00, giving an “Equal weight” rating on December 14.

Occidental Petroleum Corporation (NYSE:OXY) ranks 2^nd on our list of 12 Best Oil Stocks To Buy According To Hedge Funds.

A total of 74 hedge funds tracked by Insider Monkey held stakes in Occidental Petroleum Corporation (NYSE:OXY) at the end of third quarter of 2022. The value of their stakes was $15.6 billion.

Smead Capital Management, an investment management company, released its investor letter for Q3 2022. Here is what the fund said:

“Our top-performing stocks in the quarter includes Occidental Petroleum (NYSE:OXY). Oil and gas have been the best game in the stock market town this year and it was a pleasant surprise to see home builders pick up even with dour news on interest rates and the economy. For the first three quarters of the year, we should change the name of our fund to the Jed Clampett Fund. Occidental Petroleum (NYSE:OXY), was one of the standouts. Up through the bear market came a “bubblin’ crude!”