Warren Buffett Loaded Up on These 5 Stocks for the Rest of 2022

4. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 67

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based company that explores and develops oil and gas properties in the United States, the Middle East, Africa, and Latin America. Buffett initially invested in Occidental Petroleum Corporation (NYSE:OXY) in Q3 2019, but he sold his stake in Q2 2020. The billionaire again purchased a position in the company in Q1 2022, and in Q2, he lifted his stake by 17%. The Berkshire portfolio had 158.5 million shares of Occidental Petroleum Corporation (NYSE:OXY) worth $9.3 billion, representing 3.11% of the total holdings. Buffett owns 20% of Occidental Petroleum Corporation (NYSE:OXY)’s common shares.

Barclays analyst Jeanine Wai on July 26 maintained an Overweight rating on Occidental Petroleum Corporation (NYSE:OXY) but lowered the price target on the stock to $79 from $84 ahead of the Q2 results. The company announced on August 2 its Q2 results, posting an EPS of $3.16 and a revenue of $10.74 billion, outperforming Wall Street consensus by $0.14 and $962.27 million, respectively. 

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