By The Financial District
Berkshire Raises Oxy Petroleum Stake To 22%
Berkshire Hathaway bought almost six million shares of Occidental Petroleum (Oxy) in recent days, bringing its stake in the big energy company to 200 million shares worth $12.2 billion, according to a filing.
Photo Insert: The Berkshire purchases indicate the drop in Occidental’s stock price—along with energy prices in recent weeks—has enticed Warren Buffett, CEO of Berkshire Hathaway.
The Berkshire purchases indicate the drop in Occidental’s stock price—along with energy prices in recent weeks—has enticed Warren Buffett, CEO of Berkshire Hathaway. The billionaire investor likes energy companies.
Berkshire also owns around $27 billion in Chevron stock, Andrew Bary and Rupert Steiner reported for Barron’s Daily.
The latest purchases, which occurred on Friday, Monday, and Tuesday, were made at prices ranging from about $59 to $62 a share and are Berkshire’s first buys since the end of the third quarter.
The value of the purchases totals about $360 million.
Berkshire Hathaway now holds a roughly 22.1% stake in Occidental, shares of which were down 1.4% Tuesday to $60.85. As a holder of more than 10% of Occidental, Berkshire must disclose any purchases or sales within two business days to the Securities and Exchange Commission in a Form 4 filing.
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