Hedge Funds Were Right About These 5 Soaring Stocks

1. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Shareholders: 72

Year-to-Date Returns: 112%

Topping the list with 112% gains year-to-date is Occidental Petroleum Corporation (NYSE:OXY), which has seen an unprecedented eight straight quarters of rising hedge fund ownership. Overall ownership of the stock has more than doubled during that two-year period. Legendary investor Warren Buffett is among the new owners of OXY, having taken a massive 137 million-share stake in the company during Q1.

Despite widespread inflation across the industry that has affected everything from steel prices to fuel), Occidental Petroleum Corporation (NYSE:OXY) has been one of the exploration and production companies that hasn’t raised its capital spending guidance this year. The firm is guiding towards the high end of its $3.9 billion to $4.3 billion range.

Occidental Petroleum Corporation (NYSE:OXY) pulled in $10.68 billion in revenue in Q2 as well as $3.16 in EPS, both of which topped estimates by a fair amount. The company, which has 3.5 billion barrels of oil equivalent of net proved reserves as of the end of last year, achieved record quarterly EBITDA of $4.2 billion during the latest quarter.

For more of the latest stock picks worth considering for your portfolio, check out 10 Stocks That Will Benefit from Record Breaking Temperatures and 12 Best Stocks Under $50.

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