Warren Buffett’s Stock Portfolio and 5 Newest Investments in 2022

2. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 74

Berkshire Hathaway’s Stake Value: $11,942,909,000

Occidental Petroleum Corporation (NYSE:OXY) is a Texas-based company engaged in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. Occidental Petroleum Corporation (NYSE:OXY) is one of the newest investments of Warren Buffett in 2022. In Q3 2022, the billionaire boosted his Occidental Petroleum Corporation (NYSE:OXY) stake by 23%, holding 194.35 million shares worth close to $12 billion. 

On November 2, Occidental Petroleum Corporation (NYSE:OXY) declared a quarterly dividend of $0.13 per share, in line with previous. The dividend is payable on January 17, 2023 to shareholders of record on December 12, 2022. 

Citi analyst Scott Gruber on November 17 raised the price target on Occidental Petroleum Corporation (NYSE:OXY) to $75 from $67 and maintained a Neutral rating on the shares. Occidental Petroleum Corporation (NYSE:OXY)’s 2022 performance “has been outstanding, spurred by plentiful debt-to-equity conversion in a high oil price environment,” the analyst wrote in a research note. However, he forecasts a 6% cash return yield to common in 2023, at the low end of the peer range.

Among the hedge funds tracked by Insider Monkey, 74 funds reported owning stakes worth $15.6 billion in Occidental Petroleum Corporation (NYSE:OXY) at the end of Q3 2022, compared to 66 funds in the prior quarter worth $13.75 billion. Rajiv Jain’s GQG Partners is a prominent stakeholder of the company, with 15.2 million shares valued at $935 million. 

Here is what Smead Value Fund has to say about Occidental Petroleum Corporation in its Q3 2022 investor letter:

“Our top-performing stocks in the quarter include Occidental Petroleum (NYSE:OXY). Oil and gas have been the best game in the stock market town this year and it was a pleasant surprise to see home builders pick up even with dour news on interest rates and the economy. For the first three quarters of the year, we should change the name of our fund to the Jed Clampett Fund. Occidental Petroleum (NYSE:OXY), was one of the standouts. Up through the bear market came a “bubblin’ crude!”