5 Best Fuel Stocks to Buy Now

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 71

TTM PE ratio as of April 22: 4.99

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based hydrocarbon exploration company. The company also manufactures petrochemicals and has operations in renewable energy through carbon capture.

Occidental Petroleum Corporation (NYSE:OXY) owns around 2500 miles of CO2 pipelines in the US and has around 14 recovery plants. The company is also building a plant to remove CO2 directly from the air to sell as carbon credits to other companies.

In the last three months, 10 out of 18 Wall Street analysts keep a Buy rating on Occidental Petroleum Corporation (NYSE:OXY) with an average price target of $72.44. The company is on our list of best energy stocks as it has a TTM PE ratio of 4.99 as of April 22.

Here is what Smead Capital Management had to say about Occidental Petroleum Corporation in its Q3 2022 investor letter:

“Our top-performing stocks in the quarter includes 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!”