Warren Buffett Continues to Buy This Oil Stock Hand Over Fist
Warren Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) has bought more shares of oil producer Occidental Petroleum (NYSE: OXY). The latest purchases have boosted Berkshire's stake in the company to 22.2%. Berkshire has the regulatory approval to acquire up to half of the oil company's outstanding shares.
Here's a look at what's likely fueling Buffett's investment in this oil stock.
According to regulatory filings, Berkshire Hathaway has recently purchased another 5.8 million shares of Occidental Petroleum for $355 million. That increased the company's stake in the oil producer from 21.4% to 22.2%. Berkshire now owns over 200 million shares worth about $12.2 billion. It's Berkshire's seventh-largest holding at 3.7% of its portfolio.
Source Fool.com
