Top 5 Oil and Gas Stocks To Invest In According To Hedge Funds

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 75

Occidental Petroleum Corporation (NYSE:OXY) is involved in the acquisition, exploration, and development of oil and gas properties across the United States, the Middle East, North Africa, and Latin America. The company operates through three segments – Oil and Gas, Chemical, and Midstream and Marketing. Occidental Petroleum Corporation (NYSE:OXY) is one of the best energy stocks to watch. On November 7, Occidental Petroleum Corporation (NYSE:OXY) reported a Q3 non-GAAP EPS of $1.18 and a revenue of $7.4 billion, outperforming Wall Street estimates by $0.32 and $440 million, respectively.  

According to Insider Monkey’s third quarter database, 75 hedge funds were bullish on Occidental Petroleum Corporation (NYSE:OXY), compared to 73 funds in the earlier quarter. Warren Buffett’s Berkshire Hathaway is the leading position holder in the company, with a stake worth $14.5 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!”