Mario Gabelli is Selling These 5 Stocks in 2022

1. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 58

By the end of Q4 2021, 58 hedge funds were long Occidental Petroleum Corporation (NYSE:OXY) with stakes worth $3.86 billion in the company. This is compared to 60 hedge funds in the prior quarter with stakes of $3.18 billion. In Q1 2022, GAMCO Investors let go of their stakes in Occidental Petroleum Corporation (NYSE:OXY).

Occidental Petroleum Corporation (NYSE:OXY) may have been discarded by billionaire Mario Gabelli, but the company is posting strong quarters and making a name for itself in the oil and gas sector. On May 10, Occidental Petroleum Corporation (NYSE:OXY) registered an EPS of $2.12 and exceeded estimates by $0.09 for the fiscal first quarter of 2022. The company generated quarterly revenues of $8.53 billion, up 55.74% year over year and beat estimates by $473.11 million. Moreover, as of May 19, Occidental Petroleum Corporation (NYSE:OXY) has climbed an astounding 156.35% over the past twelve months.

Shortly after the company’s earnings release, Susquehanna analyst Biju Perincheril raised his price target on Occidental Petroleum Corporation (NYSE:OXY) to $73 from $71 and reiterated a Positive rating on the shares. The analyst noted the company’s strong financial upturn in Q1 2022 but also highlighted a slightly weak Q2 production guidance put forth by the company. Nevertheless, the analyst contended that free-cash-flow generation was solid and Occidental Petroleum Corporation (NYSE:OXY) is positioning itself to become debt-free by paying off the company’s $5.0 billion debt before it commences its $3 billion share buyback program which was announced during the company’s most recent earnings call.

Here is what Smead Capital Management had to say about Occidental Petroleum Corporation (NYSE:OXY) in its third-quarter 2021 investor letter:

“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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