5 Hot Oil Stocks To Buy Now

3. Occidental Petroleum Corporation (NYSE:OXY)

Average 3-month Volume as of January 31: 12.53 Million

YTD Share Price Gains as of January 31: 5.05%

Number of Hedge Fund Holders: 74

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based company that engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments – Oil and Gas, Chemical, and Midstream and Marketing. On December 31, Occidental Petroleum Corporation (NYSE:OXY) was one of the the top two percentage gainers on the S&P 500 and the company saw its shares more than double in value. 

On January 9, Mizuho analyst Nitin Kumar assumed coverage of Occidental Petroleum Corporation (NYSE:OXY) with a Buy rating with a price target of $82, up from $81. The analyst stated that Occidental Petroleum Corporation (NYSE:OXY) should be compared to InterOil and offshore peers instead of larger independent E&Ps. He also mentioned that Occidental Petroleum Corporation (NYSE:OXY)’s lower sustained capital expenses and extensive reserve base can help it balance cash flow priorities that include growth projects, debt reduction, and equity shareholder returns.

According to Insider Monkey’s data, 74 hedge funds were bullish on Occidental Petroleum Corporation (NYSE:OXY) at the end of Q3 2022, compared to 66 funds in the last quarter. Warren Buffett’s Berkshire Hathaway is the biggest position holder in the company, with 194.35 million shares worth $12 billion. 

Here is what Smead Value Fund has to say about Occidental Petroleum Corporation (NYSE:OXY) in its Q3 2022 investor letter:

“Our top-performing stocks in the quarter include Occidental Petroleum (NYSE:OXY). Oil and gas have been the best game in the stock market town this year and it was a pleasant surprise to see home builders pick up even with dour news on interest rates and the economy. For the first three quarters of the year, we should change the name of our fund to the Jed Clampett Fund. Occidental Petroleum (NYSE:OXY), was one of the standouts. Up through the bear market came a “bubblin’ crude!”