5 Oil Stocks That Are Too Cheap To Ignore

2. Occidental Petroleum Corporation (NYSE:OXY)

Share Price as of October 15, 2022: $66.60

Number of Hedge Fund Holders: 66

Occidental Petroleum Corporation (NYSE:OXY) is an American oil company that develops and produces oil and gas all over the globe. The firm explores and develops properties for several products such as oil, natural gas, and natural gas liquids. It is headquartered in Houston, Texas.

Occidental Petroleum Corporation (NYSE:OXY) has the lowest price to earnings (P/E) ratio of 6.5 among its peers which include giants such as Exxon and Chevron. Between 2019 and 2021, the firm has grown its revenue and gross profit by 24% and 29%, respectively.

Morgan Stanley increased Occidental Petroleum Corporation (NYSE:OXY)’s share price target to $76 from $70 in September 2022, as it stated that the Inflation Reduction Act will benefit gas companies. The company’s shares are up by a whopping 115% year to date and it also pays a 13 cent dividend for a 0.78% yield.

As this year’s second quarter ended, 66 out of the 895 hedge funds polled by Insider Monkey had bought Occidental Petroleum Corporation (NYSE:OXY)’s shares.

Occidental Petroleum Corporation (NYSE:OXY)’s largest investor in our database is Warren Buffett’s Berkshire Hathaway which owns 158 million shares that are worth $9.3 billion.