Occidental Petroleum (NYSE:OXY) rose Thursday after Berkshire Hathaway (NYSE:BRK.A) on Wednesday said it bought more shares of the oil giant. Between June 26 and June 28, the Warren Buffett conglomerate bought a total of 2.1 million shares, according to a regulatory filing, bringing its position to 25%.
In a filing late Wednesday, Berkshire said it spent $122.1 million to buy 2.14 million Occidental common shares during the June 26-28 period, bringing its total ownership to 224.1M shares, or 25.1% of shares outstanding.
The filing showed Berkshire bought 638,301 shares at a weighted average price of $57.0143 on Monday, 1,239,180 shares at $57.1694 on Tuesday and 260,769 shares at $57.02 on Wednesday.
At Berkshire's annual shareholder meeting on May 6, Buffett praised Occidental's management and business but said Berkshire was not planning to acquire the company .
OXY shares zoomed 90 cents, or 1.6%, to $58.36.
