5 Stocks That Jumped After Jim Cramer’s Negative Call

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1. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 66

Percentage Increase in Share Price Over Past Month as of August 25: 16% 

Occidental Petroleum Corporation (NYSE:OXY) is an integrated oil and gas firm. During the Lightning Round of his show on August 16, Cramer outlined his bearish outlook on Occidental. Responding to a viewer question, Cramer asked why people would invest in Occidental when they had options like Devon to choose from. Occidental shares have shot up by over 194% in the past year. Compared to this, Devon shares are up 150%. Legendary value investor Warren Buffett is one of the biggest bulls of the oil and gas firm. 

On July 26, investment advisory Barclays maintained an Overweight rating on Occidental Petroleum Corporation (NYSE:OXY) stock and lowered the price target to $79 from $84. Analyst Jeanine Wai issued the ratings update. 

At the end of the second quarter of 2022, 66 hedge funds in the database of Insider Monkey held stakes worth $13.7 billion in Occidental Petroleum Corporation (NYSE:OXY), compared to 67 the preceding quarter worth $12.6 billion.

In its Q2 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:  

“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 Corporation (NYSE: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!”

You can also take a peek at 13 Best Hemp Stocks to Buy Now and Billionaire Dan Loeb’s Top 10 Stock Picks.

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