5 Best Energy Stocks to Buy Now

3. Occidental Petroleum Corporation (NYSE:OXY)

No. of Hedge Fund Holders: 66

Occidental Petroleum Corporation (NYSE:OXY), headquartered in Houston, is an American company engaged in hydrocarbon exploration. The company’s subsidiary, Oxy Low Carbon Ventures (OLCV), is developing cutting-edge technologies and commercial solutions that increase profitably while cutting emissions.

Recently, Occidental Petroleum Corporation (NYSE:OXY) and its affiliate 1PointFive declared plans to start engineering and building a Direct Air Capture plant in Ector County, Texas. The initial DAC facility will be the biggest of its kind upon completion. As of September 8, the firm now pays a quarterly dividend of $0.13 per share, for a yield of 0.8%.

Some analysts have high hopes for the company’s prospects in the future owing to its strong business model in carbon management. On September 6, Morgan Stanley analyst Devin McDermott kept an Equal Weight rating on Occidental Petroleum Corporation (NYSE:OXY) stock and raised his price target to $70 from $76.

As per Insider Monkey’s Q2 2022 database, 66 hedge funds were bullish on Occidental Petroleum Corporation (NYSE:OXY). The stakes owned by these hedge funds are valued at over $13.8 billion.

Smead Capital Management mentioned Occidental Petroleum Corporation (NYSE:OXY) in its second-quarter 2022 investor letter, here is what the firm had to say:

“For the quarter, our best-performing stocks were Continental Resources (CLR), Merck (MRK) and Occidental Petroleum Corporation (NYSE:OXY). Despite a steep sell-off in June in the oil and gas stocks, two of our oil stocks made the quarterly list.If you are wondering how we are outperforming the S&P 500 Index in the first half of the year, look no further than our top three performers. Occidental Petroleum (OXY), Continental Resources (CLR) and Conoco Phillips (COP) soared in value and were barely represented in the S&P 500 Index. To quote Jerry Jones, owner of the Dallas Cowboys, “We are in the first quarter on higher energy prices!”