Famed investor Warren Buffett has continued to buy shares in oil producer Occidental Petroleum (OXY) as the price has fallen and now owns 34% of the company.
Through his holding company, Berkshire Hathaway (BRK.A / BRK.B), Buffett has added to his large holding in the energy company in recent weeks, taking his stake to 34% from 28% just before Christmas.
Occidental Petroleum’s stock is currently at $56.80 U.S. per share and near a 52-week low. Buffett has been an aggressive buyer of the shares anytime the price falls to $60 U.S. or lower.
The decline in Occidental’s stock is mostly due to weakness in energy prices, with crude oil trading around $72 U.S. per barrel, down from more than $90 U.S. a barrel last October.
Buffett continues to take advantage of weakness in the price of Occidental Petroleum’s stock and is now the company’s largest individual shareholder.
He has also continued to buy Occidental Petroleum’s stock after the company announced last fall that it is buying privately held energy producer CrownRock for $12 billion U.S.
The Oracle of Omaha, as Buffett is known, began accumulating Occidental stock in early 2022, and Berkshire Hathaway now owns $13.9 billion U.S. worth of the company’s shares.
Despite his growing stake, Buffett has repeatedly said that he has no interest in buying Occidental Petroleum outright or taking a majority stake in the oil company.
Buffett has also praised the management team at Occidental Petroleum.
Berkshire Hathaway’s Class B stock has risen 15% in the past 12 months and currently trades at $367.92 U.S. per share.
