Elite Hedge Funds Love These 5 Energy Stocks

03. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders as of Q2 2022: 66

Warren Buffett’s Berkshire Hathaway is the largest shareholder of Occidental Petroleum Corporation (NYSE:OXY), holding 159 million of its shares worth roughly $9,335 million, comprising 3.11% of its portfolio. Following the Federal Energy Regulatory Commission’s approval of Berkshire Hathaway’s application, which was submitted on July 11, to purchase up to 50% of Occidental Petroleum’s common stock through secondary market transactions, the company’s shares are rising. The stock has gained 13.42% during the past month. According to Berkshire, it presently owns about 18.72% of the outstanding common shares of Occidental and is requesting permission to purchase up to 50% of the company’s stock through secondary market transactions as part of the proposed transaction. The information fueled rumors that Berkshire might be preparing to acquire Occidental. However, Occidental hasn’t been notified of Buffett’s plans to buy majority ownership in the business, according to sources familiar with the situation.

On August 19, Warren Buffett’s Berkshire Hathaway received regulatory approval to purchase up to 50% of  Occidental Petroleum.

Hedge funds’ popularity touched its peak during Q1, 2022, with 67 hedge funds holding a stake in Occidental Petroleum Corporation (NYSE:OXY) during the most recent quarter as compared to 66 in the previous quarter.

Smead Capital Management mentioned Occidental Petroleum Corporation (NYSE:OXY)  in the Q2, 2022 investor letter. Here’s 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 (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!”