Oil Price Predictions for 2022 and 5 Stocks to Watch

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1. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 58

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based company that develops oil and gas properties in the United States, the Middle East, Africa, and Latin America. The stock has gained over 120% over in the last six months. 

Occidental Petroleum Corporation (NYSE:OXY) has recently been endorsed by Warren Buffett, who purchased approximately $3 billion of Occidental Petroleum Corporation (NYSE:OXY) stock less than two weeks ago. Berkshire Hathaway reported on March 12 that it boosted its stake in Occidental Petroleum Corporation (NYSE:OXY) by another $1.5 billion over the past week just as oil prices were peaking. Overall, 58 hedge funds were bullish on the stock at the end of December 2021.

On February 24, Occidental Petroleum Corporation (NYSE:OXY) declared a $0.13 per share quarterly dividend, a 1200% increase from its prior dividend of $0.01. The dividend is payable on April 14, to shareholders of record on March 10. 

Truist analyst Neal Dingmann raised the price target on Occidental Petroleum Corporation (NYSE:OXY) on March 11 to $75 from $58 and kept a Buy rating on the shares. The stock has significantly outperformed peers since February 25th amid “large key purchases” on expectations of a broad re-rating, the analyst told investors in a research note. 

Here is what Smead Capital Management has to say about Occidental Petroleum Corporation (NYSE:OXY) in its Q3 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 Monthly Dividend Stocks to Buy in March and 10 Defense Stocks to Buy As Geopolitical Tensions Rise.

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