Famed investor Warren Buffett continues to buy shares of Occidental Petroleum (OXY), increasing his stake in the oil company to 28%.
Through his holding company Berkshire Hathaway (BRK.A / BRK.B), Buffett bought 5.2 million shares of Occidental Petroleum stock in recent days, bringing his total ownership to 243.7 million shares worth just under $15 billion U.S.
A regulatory filing with the U.S. Securities and Exchange Commission (SEC) showed that Berkshire Hathaway has continued to purchase Occidental stock at an average price of $60 U.S. per share.
Berkshire has resumed buying Occidental Petroleum stock after the company announced its intention to buy CrownRock, a privately held oil-and-gas company, for $12 billion U.S.
Buffett has been aggressively accumulating a stake in Occidental since early 2022. This year, he has bought shares anytime the price has fallen to $60 U.S. or less.
The SEC requires Berkshire Hathaway to report changes in its holding of Occidental Petroleum because it owns more than 10% of the company.
Buffett has said repeatedly that he does not want to buy Occidental Petroleum outright and that he’s happy with the company’s management team.
Occidental Petroleum’s stock is down 1% in 2023 and currently trades at $60.44 U.S. per share.
Berkshire Hathaway’s Class B stock has risen 15% on the year to trade at $356.14 U.S. a share.
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