9 Stocks Warren Buffett Has Bought Since Beginning of AI Revolution

7. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 61 

Berkshire Hathaway’s Shares in Q1 2024: 248,018,128

Berkshire Hathaway’s Shares in Q3 2022: 194,351,650

Percentage Change: 28%        

Occidental Petroleum Corporation (NYSE:OXY) operates as an energy firm and is based in Texas. The company has a significant competitive advantage over peers since it has an integrated business model and produces oil at a rate that is far lower than larger competitors. In the Permian Basin, where a large portion of the assets of the firm are located, the firm can dig horizontal wells that increase oil production efficiency, allowing for a $14 per barrel lowering of costs that ultimately helps the company compete with bigger oil giants. The company also owns midstream storage and transportation infrastructure, unlike other oil firms that rely on third parties.

Among the hedge funds being tracked by Insider Monkey, Omaha, New York-based firm Eagle Capital Management is a leading shareholder in Occidental Petroleum Corporation (NYSE:OXY) with 10.5 million shares worth more than $687 million. At the end of the first quarter of 2024, 61 hedge funds in the database of Insider Monkey held stakes worth $19.6 billion in Occidental Petroleum Corporation (NYSE:OXY), compared to 66 in the previous quarter worth $17.2 billion.