Buffett's Berkshire Buys More Occidental Stock, Increases Stake to 15.2%

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Buffett's Berkshire Buys More Occidental Stock, Increases Stake to 15.2%
Credit: © Reuters.

Warren Buffet’s Berkshire Hathaway (NYSE: BRKa ) purchased around 5.9 million additional shares of Occidental Petroleum (NYSE: OXY ), according to a new filing late Wednesday.

The filing showed that the conglomerate bought OXY stock on May 2 and May 3 at the price range between $56 and $58.37 apiece.

Before these transactions, Berkshire held around 14.6% of Occidental’s common stock, along with the preferred stake it purchased in 2019 when the oil company negotiatiated a deal with Anadarko Petroleum (NYSE: APC ). The investment giant now owns roughly 15.2% of OXY.

Occidental was the best performing S&P 500 component in the first quarter after Russia’s invasion of Ukraine and Berkshire’s purchases drove the oil giant’s stock higher.

Shares of Occidental rose nearly 4% on Wednesday and have more than doubled year-to-date.

By Senad Karaahmetovic

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