Warren Buffett Bought the Dip on Occidental Petroleum. Should You?
Shares of Occidental Petroleum (NYSE: OXY) have sold off along with oil prices over the past year. The oil giant currently sits more than 20% below its 52-week high, weighed down by a roughly 30% decline in crude oil.
While many other investors have been selling out of the oil stock, Warren Buffett's company, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), has been buying the dip. Berkshire Hathaway recently bought another 2.1 million shares in the oil company. It now holds a quarter of Occidental Petroleum's outstanding shares.
Berkshire Hathaway has been an active buyer of Occidental Petroleum over the past couple of months. In late June, Berkshire spent $122.1 million to buy over 2.1 million shares at an average price of around $57 per share. Those purchases followed on the heels of buying nearly 4.7 million shares in late May for $273 million and spending more than $200 million to buy about 3.5 million shares earlier that month.
Source Fool.com
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