5 Energy Stocks to Buy Before Winter

3. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 66

Occidental Petroleum Corporation (NYSE:OXY) is an integrated oil and gas company that acquires, explores, and develops oil and gas properties. The company operates in the U.S., the Middle East, Africa, and Latin America. An ‘Overweight’ rating was reiterated on Occidental Petroleum Corporation (NYSE:OXY) shares on July 26 by Barclays analyst Jeanine Wai. The analyst also holds a $79 price target on the stock.

Occidental Petroleum Corporation (NYSE:OXY) has been benefiting due to billionaire Warren Buffett’s prolonged interest in the company. Recently, Buffett’s request to accumulate a 50% stake in the company was approved by the Federal Energy Regulatory Commission, leading the stock to rise by almost 10%. As of this August, Berkshire Hathaway holds a 20.2% stake in the company.

Out of 895 hedge funds tracked by Insider Monkey’s database, 66 were long Occidental Petroleum Corporation (NYSE:OXY) in the second quarter. Their total stake value was $13.8 billion.

Smead Capital Management, an investment management company, mentioned Occidental Petroleum Corporation (NYSE:OXY) in its second quarter 2022 investor letter. Here’s what it said:

“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 Conoco Phillips (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!””