5 Energy Stocks To Buy On the OPEC Production Cuts

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 66

Occidental Petroleum Corporation (NYSE:OXY) is a diversified exploration company that engages in the production and transport of crude oil, natural gas, natural gas liquids, and oil condensate. The firm is headquartered in Houston, Texas, the United States.

Occidental Petroleum Corporation (NYSE:OXY) is expected to report $9 billion in revenue and $2.69 billion in net income in its upcoming third quarter earnings results, marking massive 33% and 320% annual growths. This will place the firm’s free cash flows at $3.7 billion, marking another 65% increase and an FCF margin of 41%.

As if this weren’t enough, Occidental Petroleum Corporation (NYSE:OXY)’s full year revenue estimates peg growth at 40%, and those for net income promise 339% growth. Therefore, it’s no wonder that the firm’s shares have rallied by 129% year to date. As part of their second quarter of 2022 investments, 66 out of the 895 hedge funds polled by Insider Monkey had held a stake in the firm.

Occidental Petroleum Corporation (NYSE:OXY)’s largest investor is Warren Buffett’s Berkshire Hathaway which owns 158 million shares that are worth $9.3 billion.