Warren Buffett Was Right About These 3 Stocks

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1. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 67  

Percentage Increase in Share Price (YTD): 126.24%    

Occidental Petroleum Corporation (NYSE:OXY) is an integrated oil and gas firm. Buffett opened a new position in the stock in early 2022 comprising over 136 million shares worth $7.7 billion, representing 2.12% of the portfolio. Vicki Hollub, the CEO of the firm, recently said during the earnings call that oil firms looking to increase production were struggling to balance increases without undercutting shareholder returns. He added that increasing production now would lead to “value destruction” for the sector. 

On May 31, Mizuho analyst Vincent Lovaglio maintained a Buy rating on Occidental Petroleum Corporation (NYSE:OXY) stock and raised the price target to $89 from $85, noting that higher energy prices were benefiting exploration and production firms. 

At the end of the first quarter of 2022, 67 hedge funds in the database of Insider Monkey held stakes worth $12.6 billion in Occidental Petroleum Corporation (NYSE:OXY), compared to 58 the preceding quarter worth $3.8 billion. Among the hedge funds being tracked by Insider Monkey, Florida-based investment firm GQG Partners is a leading shareholder in Occidental Petroleum Corporation (NYSE:OXY), with 26 million shares worth more than $1.5 billion. 

You can also take a peek at 10 Penny Stocks Redditors are Buying in August and 10 Best Nickel Stocks to Buy Now.

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