bought about $350 million of stock in
Berkshire Hathaway (ticker: BRK.A, BRK.B) purchased 5.9 million shares of Occidental Petroleum (OXY) on Monday and Tuesday, with nearly all the purchases occurring on Monday. Berkshire now holds 142.3 million shares of Occidental, a 15.2% interest.
As a holder of more than 10% of Occidental, Berkshire needs to file a form 4 with the Securities and Exchange Commission within two business days when it changes its stake in Occidental.
Occidental shares were up 3.9% Wednesday to $61.57, while Berkshire’s Class A stock rose 2.7% to $494,343.
Buffett has been enamored of the energy sector this year. Berkshire bought about 120 million shares of
(CVX) in the first quarter, to bring its stake in the energy giant to $25.9 billion on March 31—some 159 million shares.
Berkshire also owns $10 billion of Occidental preferred stock paying an 8% annual dividend, and 83.9 million warrants to purchase Occidental common stock at $59.62 a share. Those warrants are now in the money with Occidental’s advance Wednesday.
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Read More: Berkshire Holds 15.2% of Occidental Petroleum After $350 Million of Buys This Week