5 Best American Oil Stocks To Buy Now

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 74

Occidental Petroleum Corporation (NYSE:OXY) is one of the best American oil stocks to buy. Of the 920 hedge funds tracked by Insider Monkey, 74 hedge funds had stakes in the company, compared to 66 funds in the previous quarter. Occidental Petroleum Corporation (NYSE:OXY) was the top gainer in the S&P 500 index in 2022, gaining about 117% in the year. Recently, Bank of America analyst Doug Leggate upgraded Occidental Petroleum Corporation (NYSE:OXY) to Buy from Neutral. However, the analyst set a price target of $80 on Occidental Petroleum Corporation (NYSE:OXY), down from $82. The analyst said that Occidental is “relatively defensive” compared to peers.