Occidental Petroleum Corporation (NYSE: OXY) has emerged as one of the most targeted stocks by short sellers, according to a recent report. The company’s stock has gained popularity among institutional investors, with new hedge funds consistently purchasing shares since Q2 2018. This trend has led to significant increases in the amount of money invested in Oxy during this period.
Major Shareholders
The top ten largest shareholders of Occidental Petroleum Corporation hold substantial stakes in the company. Key shareholders include:
- BlackRock Inc.
- Vanguard Group Inc.
- State Street Corp.
- FMR LLC.
Stock Price Volatility
The stock price of Occidental Petroleum Corporation has experienced volatility in recent months due to various factors, including:
- Uncertainty over oil prices.
- The impact of geopolitical events on global oil demand.
Despite these challenges, analysts remain optimistic about the company’s prospects, citing its strong financial position and improving operations.
Analyst Downgrade
In a recent note, Raymond James downgraded Occidental Petroleum from "outperform" to "market perform," primarily due to concerns over oil price uncertainty. However, analysts highlighted several reasons for optimism:
- Continued improvements in CrownRock assets.
- Cost savings per well exceeding $1 million.
Environmental Initiatives
One of Occidental’s subsidiaries recently secured approval from the U.S. Environmental Protection Agency (EPA) for Class VI permits. These permits will allow the company to store carbon dioxide from the Stratos Direct Air Capture facility in Texas, which aims to capture over 500,000 metric tons of CO2 annually. The projected start for commercial operations is next year.
President and CEO Vicki Hollub emphasized that the Class VI permits could serve as a catalyst to unlock value in carbon dioxide management and advance direct air capture technology. This initiative is part of the company’s strategy to address emissions while producing vital resources and fuels.
Overall, Occidental Petroleum ranks third on the list of the most crowded hedge fund stocks targeted by short sellers.
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