Billionaire Mario Gabelli is Dumping These 5 Stocks in 2022

1. Occidental Petroleum Corporation (NYSE:OXY)

Number Of Hedge Fund Holders: 67

Occidental Petroleum Corporation (NYSE:OXY) is an American company engaged in hydrocarbon exploration in the United States, and the Middle East as well as petrochemical manufacturing in the United States, Canada, and Chile. Shares of the oil and gas company have soared by 106.33% in the past six months.

Although billionaire Mario Gabelli discarded Occidental Petroleum Corporation (NYSE:OXY) from his Q1 portfolio, the company has been thriving in the recent market environment. On May 31, Mizuho analyst Vincent Lovaglio raised the price target on Occidental Petroleum Corporation (NYSE:OXY) to $89 from $85 and kept a Buy rating on the shares. According to the analyst’s notes, global energy undersupply has continued to drive energy commodity prices higher, while logistics and supply chain constraints, broader macro uncertainty and a shift in corporate behavior have pushed back the growth response.

For the first quarter of 2022, Occidental Petroleum Corporation (NYSE:OXY) posted an EPS of $2.12, beating market estimates by $0.09. Revenue for the quarter came in at $8.53 billion, showing a year-on-year growth of 55.7%, and also exceeded analysts’ forecasts by $473.1 million.

Overall, 67 hedge funds were stakeholders in the company at the close of Q1 2022, up from 58 hedge funds in the preceding quarter. Of these, Warren Buffett’s Berkshire Hathaway stands as the firm’s biggest shareholder as of Q1, with more than 136.37 million shares worth approximately $7.73 billion.

Smead Capital Management talked about Occidental Petroleum Corporation (NYSE:OXY) in its Q3 2021 investor letter. Here is what the investment management firm said:

“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.”

You can also take a look at 10 Stocks Warren Buffett is Selling and 10 Best Stocks to Buy According to Billionaire Mario Gabelli.

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