5 Best Energy Stocks for 2022

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 58

Insider Monkey spotted Occidental Petroleum Corporation (NYSE:OXY) on 58 hedge fund portfolios at the end of the fourth quarter of 2021. The total stakes of these funds were valued at $3.86 billion, up from $3.18 billion in the prior quarter with 60 positions.

This February Occidental Petroleum Corporation (NYSE:OXY) put forth an earnings report which showed the company’s performance in the fourth quarter of 2021. The company’s quarterly revenues saw a growth of 139.25% year over year and were valued at $8.01 billion, outperforming market estimates by $618.52 million. Moreover, the company registered an EPS of $1.48, beating estimates by $0.38. As of May 7, Occidental Petroleum Corporation (NYSE:OXY) has returned 143.86% to investors over the past twelve months, making it the runner-up energy stock to buy in 2022.

Occidental Petroleum Corporation (NYSE:OXY) is gaining bullish views from analysts and investors alike. On April 25, Susquehanna analyst Biju Perincheril raised his price target on Occidental Petroleum Corporation (NYSE:OXY) to $71 from $58 and maintained a Positive rating on the shares.

Carl Icahn’s Icahn Capital LP was the dominating shareholder in Occidental Petroleum Corporation (NYSE:OXY) at the end of the fourth quarter of 2021. The fund’s stakes in the oil giant were valued at $1.30 billion, which represents 5.85% of its 13F portfolio.

Smead Capital Management, an investment management firm, published its “Smead Value Fund” third-quarter 2021 investor letter in which it shared its views on Occidental Petroleum Corporation (NYSE:OXY). Here is what the firm had to say:

“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.”