5 Oil Stocks To Buy Amid Ukraine Crisis

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 58

Occidental Petroleum Corporation (NYSE:OXY)’s oil and gas operations are concentrated in the United States, the Middle East, and Colombia. Occidental Petroleum Corporation (NYSE:OXY) is also a manufacturer of petrochemicals. 

In its Q4 earnings guidance, published on February 24, Occidental Petroleum Corporation (NYSE:OXY)’s consensus EPS estimate is $1.10 versus a loss per share of $0.78 in the prior-year quarter, and the consensus revenue estimate came in at $7.39 billion, as compared to $3.35 billion last year.

On January 31, Barclays analyst Jeanine Wai raised the price target on Occidental Petroleum Corporation (NYSE:OXY) to $44 from $40 and kept an Overweight rating on the shares. The analyst forecasts a relatively in-line quarter on the numbers for Occidental Petroleum Corporation (NYSE:OXY). The company is in a good position to discuss a framework for outsized cash returns alongside earnings, Wai told investors in a research note.

According to the Q4 database of Insider Monkey, 58 hedge funds were long Occidental Petroleum Corporation (NYSE:OXY), with collective stakes valued at $3.8 billion. Icahn Capital LP is the biggest stakeholder of the company, with 45 million shares worth $1.30 billion. 

Here is what Smead Capital Management has to say about Occidental Petroleum Corporation (NYSE:OXY) in its Q3 2021 investor letter:

“Oil stocks dominated our winners for the quarter. We showed that we have unlimited ability to tempt fate by buying into Occidental Petroleum (OXY) this year after it was our biggest loser of 2020. It gained 16.64% during the third quarter.”