5 Jim Cramer Stocks to Watch in August

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 67

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based company with 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. Jim Cramer said on Mad Money’s Lightning Round on July 28 that Occidental Petroleum Corporation (NYSE:OXY) is only going higher as Warren Buffett’s Berkshire Hathaway is buying it in droves. 

On July 26, Barclays analyst Jeanine Wai reiterated an Overweight rating on Occidental Petroleum Corporation (NYSE:OXY) and lowered the firm’s price target on the shares to $79 from $84 ahead of the Q2 results.

According to Insider Monkey’s data, 67 hedge funds were bullish on Occidental Petroleum Corporation (NYSE:OXY) at the end of Q1 2022, up from 58 funds in the preceding quarter. Rajiv Jain’s GQG Partners is a significant position holder in the company, with 26.6 million shares worth $1.5 billion. 

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.”