5 Best Momentum Stocks To Invest In

2. Occidental Petroleum Corporation (NYSE:OXY)

YTD Return as of October 20: 123.89%

Number of Hedge Fund Holders: 66

At the end of Q2 2022, Occidental Petroleum Corporation (NYSE:OXY) was a part of 66 investment portfolios. These funds held stakes of $13.75 billion in the company, up from $12.61 billion in the previous quarter with 67 positions. As of June 30, Berkshire Hathaway is the most prominent investor in Occidental Petroleum Corporation (NYSE:OXY) and has stakes worth more than $9 billion in the company.

Occidental Petroleum Corporation (NYSE:OXY) is one of the best momentum stocks to invest in now. As of October 20, the stock is up roughly 124% for the year and is trading at a trailing twelve-month PE ratio of 6.62. Occidental Petroleum Corporation (NYSE:OXY) is a dividend payer and has a forward dividend yield of 0.76%, as of October 20.

Wall Street sees upside to Occidental Petroleum Corporation (NYSE:OXY). On October 19, Barclays analyst Jeanine Wai raised her price target on Occidental Petroleum Corporation (NYSE:OXY) to $84 from $75 and reiterated an Overweight rating on the shares.

Here is what Smead Capital Management had to say about Occidental Petroleum Corporation (NYSE:OXY) in its second-quarter 2022 investor letter:

“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!””