5 Oil Stocks With Biggest Upside

1. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 74

Occidental Petroleum Corporation (NYSE:OXY) engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. In late November, the firm announced that it had signed a letter of intent with Enbridge to explore the joint development of a carbon dioxide pipeline transportation system and sequestration hub in the Corpus Christi area on the Texas Gulf Coast. The former plans to build as many as 135 direct air carbon capture facilities by 2035.

On December 7, Barclays analyst Jeanine Wai maintained an Overweight rating on Occidental Petroleum Corporation (NYSE:OXY) stock and lowered the price target to $74 from $84. 

Among the hedge funds being tracked by Insider Monkey, Omaha, Nebraska-based firm Berkshire Hathaway is a leading shareholder in Occidental Petroleum Corporation (NYSE:OXY) with 194.4 million shares worth more than $11.9 billion. 

In its Q3 2022 investor letter, Smead Capital Management, an asset management firm, highlighted a few stocks and Occidental Petroleum Corporation (NYSE:OXY) was one of them. Here is what the fund said:

“Our top-performing stocks in the quarter include Occidental Petroleum (NYSE:OXY). Oil and gas have been the best game in the stock market town this year and it was a pleasant surprise to see home builders pick up even with dour news on interest rates and the economy. For the first three quarters of the year, we should change the name of our fund to the Jed Clampett Fund. Occidental Petroleum (NYSE:OXY), was one of the standouts. Up through the bear market came a “bubblin’ crude!”

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