3 Reasons Warren Buffett Keeps Buying Occidental Petroleum
On Monday, it was disclosed that Warren Buffett's conglomerate Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) yet again increased its stake in U.S. oil giant Occidental Petroleum (NYSE: OXY).
After Buffett decided to buy Occidental shares in size, starting at the outset of Russia's invasion of Ukraine, Berkshire's stake exceeded 20% last year, which forces Berkshire to disclose new share purchases when they happen, not just at the end of the quarter.
After buying shares on March 23 and 27, Berkshire's stake in Occidental now stands at around 23.6% of the company, or about 211.7 million shares worth about $13 billion. Berkshire also owns $10 billion in Occidental preferred stock, with warrants to purchase $5 billion more shares at $59.62.
Source Fool.com
