Warren Buffett’s Berkshire Hathaway adds more Occidental shares, boosting stake to 23.1%
Paul Morigi
According to a filing with the Securities and Exchange Commission (SEC) on Wednesday, Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) added to its holdings of Occidental Petroleum Corp (NYSE:OXY), bringing its total stake in the oil company to around 23.1%.
The company bought 7.9M OXY shares for about $466.68M between March 13 and March 15 at prices in the range of $56.66-$61.29.
Based on Wednesday’s closing price of $56.80, the corporation currently owns approximately 208.04M shares of Occidental, which are valued $11.81B.
Earlier this month, Berkshire Hathaway resumed its purchases of Occidental Petroleum (OXY) shares after a pause of five-months.
The company also owns $10B worth of Occidental (OXY) preferred stock as well as warrants to buy another 83.86M common shares for $5B.
OXY shares up 1.2% PM.
See why SA contributor Karlsson & Partners says that, “Munger And Buffett Need An Elephant Acquisition To Stay Ahead Of S&P 500.”
Also read: Energy stocks slammed as oil plunges to lowest since December 2021
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