5 Best-Performing Energy Stocks of 2022

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 66

YTD Share Price Gain as of September 15: 133.30%

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based oil and gas company operating in the United States, the Middle East, Africa, and Latin America. Occidental Petroleum Corporation (NYSE:OXY) is one of the best performers in the energy sector, with the stock gaining 133.30% year to date as of September 15. 

On September 12, Piper Sandler analyst Ryan Todd maintained an Overweight rating on Occidental Petroleum Corporation (NYSE:OXY) but lowered the price target on the shares to $92 from $93. The analyst remains constructive on the integrated oils, noting that despite some upside risk to upstream cost inflation, he sees no change to strategic priorities across the upstream companies he covers.

Among the hedge funds tracked by Insider Monkey, 66 funds were bullish on Occidental Petroleum Corporation (NYSE:OXY) at the end of the second quarter of 2022, compared to 67 funds in the preceding quarter. Warren Buffett’s Berkshire Hathaway is the biggest position holder in Occidental Petroleum Corporation (NYSE:OXY), with a 20% stake in the organization. 

Here’s how Smead Capital Management mentioned Occidental Petroleum Corporation (NYSE:OXY)  in its Q2 2022 investor letter:

“For the quarter, our best-performing stocks were Continental Resources (CLR), Merck (MRK) and Occidental Petroleum Corporation (NYSE:OXY). Despite a steep sell-off in June in the oil and gas stocks, two of our oil stocks made the quarterly list.

If you are wondering how we are outperforming the S&P 500 Index in the first half of the year, look no further than our top three performers. Occidental Petroleum (OXY), Continental Resources (CLR) and ConocoPhillips (COP) soared in value and were barely represented in the S&P 500 Index. To quote Jerry Jones, owner of the Dallas Cowboys, “We are in the first quarter on higher energy prices!””