5 Most Undervalued Oil Stocks To Buy According To Hedge Funds

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 75

P/E Ratio as of December 5: 12.63

Occidental Petroleum Corporation (NYSE:OXY) is an American company specializing in hydrocarbon exploration within the United States and the Middle East. Additionally, the company engages in petrochemical manufacturing activities across various locations, including the United States, Canada, and Chile. Organized in Delaware, Occidental Petroleum Corporation (NYSE:OXY) has its headquarters situated in Houston.

Occidental Petroleum Corporation (NYSE:OXY) is reportedly in negotiations to acquire shale driller CrownRock LP, according to the Wall Street Journal. This move is part of the ongoing consolidation trend in North America’s most prolific oil field. The potential deal for CrownRock is anticipated to have a value exceeding $10 billion, including debt, and might materialize in the near future, as per sources familiar with the matter cited by the newspaper.

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 $13.2 billion stake in the company.