5 Favorite Stocks of Activist Billionaire Carl Icahn

3. Occidental Petroleum Corporation (NYSE:OXY)

Icahn Capital LP’s Stake Value: $1,304,560,000

Percentage of Icahn Capital LP’s 13F Portfolio: 5.85%

Number of Hedge Fund Holders: 58

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based company engaged in the development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. Carl Icahn’s fund owned 45 million Occidental Petroleum Corporation (NYSE:OXY) shares in the fourth quarter of 2021, worth $1.30 billion, representing 5.85% of the 13F holdings. 

In 2021, Occidental Petroleum Corporation (NYSE:OXY)’s revenue for the year totaled approximately $26 billion, up from $17.8 billion in the earlier year. The company suffered a net loss of roughly $15 billion in 2020, and the income rebounded to $2.3 billion in 2021. 

On February 24, Occidental Petroleum Corporation (NYSE:OXY) declared a $0.13 per share quarterly dividend, a 1200% increase from its prior dividend of $0.01. The dividend was distributed on April 15. 

Barclays analyst Jeanine Wai raised the firm’s price target on Occidental Petroleum Corporation (NYSE:OXY) to $74 from $69 and reiterated an Overweight rating on the shares on April 22. The analyst forecasts relatively in-line Q1 results.

Among the hedge funds tracked by Insider Monkey, 58 funds were long Occidental Petroleum Corporation (NYSE:OXY) at the end of December 2021, compared to 60 funds in the prior quarter. Rajiv Jain’s GQG Partners is a significant shareholder of the company, with approximately 23 million shares worth $666 million. 

Here is what Smead Capital Management has 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.”