5 Best LNG and LNG Shipping Stocks To Buy Now

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 75

Occidental Petroleum Corporation (NYSE:OXY) is an American company specializing in hydrocarbon exploration in the United States and the Middle East. Organized in Delaware, Occidental Petroleum Corporation (NYSE:OXY) has its headquarters in Houston. The company operates through three segments: oil and gas, chemical, and midstream and marketing. The oil and gas segment is engaged in exploring, developing, and producing oil, including condensate, natural gas liquids, and natural gas.

In August, Occidental Petroleum Corporation (NYSE:OXY) executed a $1.1 billion deal to acquire Carbon Engineering Ltd, a technology supplier. This strategic move is part of Occidental’s plan to establish a series of carbon-capture facilities, aiming to address climate change and generate revenue. The company aims to construct approximately 100 plants utilizing direct air capture (DAC) technology, which removes carbon dioxide (CO2) directly from the atmosphere. The captured CO2 can then be stored underground or used in various applications, including the production of concrete and aviation fuel.

A total of 75 hedge funds out of the 910 hedge funds tracked by Insider Monkey had stakes in Occidental Petroleum. The biggest stakeholder of the company was Warren Buffett’s Berkshire Hathaway which had a $14.54 billion stake in the company.