5 Energy Stocks to Watch

2. Occidental Petroleum Corporation (NYSE:OXY)

Number Of Hedge Fund Holders: 67

Occidental Petroleum Corporation (NYSE:OXY) is an American company engaged in hydrocarbon exploration in the United States, and the Middle East as well as petrochemical manufacturing in the United States, Canada, and Chile.

Earlier this June, Truist analyst Neal Dingmann raised his price target on Occidental Petroleum Corporation (NYSE:OXY) to a “Street high” $93 from $88 and kept a Buy rating on the shares, telling investors that he believes there is a “good chance” that shareholder Warren Buffett buys the remaining two-thirds of the company that he and Berkshire Hathaway do not already own once the company achieves an investment grade rating. Berkshire and Buffett’s purchase of additional Occidental shares in recent days leaves it owning about one-third of the company when its preferred ownership is factored.

In a regulatory filing, Occidental Petroleum Corporation (NYSE:OXY) disclosed that its major shareholder Berkshire Hathaway bought another 1.9 million shares of common stock in a total transaction size of $112.1 million on July 14th. Overall, 67 hedge funds are bullish on the shares of Occidental Petroleum Corporation (NYSE:OXY) as of Q1 2022.

Here is what Smead Capital Management had to say about Occidental Petroleum Corporation (NYSE:OXY) in its Q3 2021 investor letter:

“Oil stocks dominated our winners for the quarter. We showed that we have unlimited ability to tempt fate by buying into Occidental Petroleum (OXY) this year after it was our biggest loser of 2020. It gained 16.64% during the third quarter.”