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Thu Jun 23, 2022, 08:39 AM

Berkshire Hathaway buys 9.6 million more Occidental shares, raises stake to over 16%

Full disclosure: I don't own (individually) shares of either of these stocks.

Reuters

Berkshire Hathaway buys 9.6 million more Occidental shares, raises stake to over 16%

Wed, June 22, 2022, 8:42 PM

(Reuters) - Warren Buffett's Berkshire Hathaway Inc bought another 9.6 million shares of Occidental Petroleum Corp, boosting its stake to 16.3% as the oil company's shares come off the year's high. ... The purchases were made over the past week and cost about $529 million, Berkshire said in a regulatory filing on Wednesday. These come on top of a $336 million share purchase by Berkshire last month in the oil company, and $7 billion in purchases earlier this year.

Following the purchases, Berkshire now owns about 152.7 million Occidental shares worth about $8.52 billion based on Occidental stock's Wednesday close, which is down over 21% since it touched its year's high in May. ... However, Occidental's share prices are currently up over 90% this year, after more than doubling, as they benefited from Berkshire's purchases and rising oil prices following Russia's invasion of Ukraine.

Berkshire is the largest individual shareholder in Occidental. The company also owns options to buy 83.9 million Occidental shares, which if exercised, would bring its stake to over 25%. ... Berkshire has been on a spending spree in 2022. It spent $51.1 billion on equities in the first quarter, including an increased $25.9 billion stake in oil company Chevron Corp.

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Reply Berkshire Hathaway buys 9.6 million more Occidental shares, raises stake to over 16% (Original post)
mahatmakanejeeves Jun 23 OP
Joinfortmill Jun 23 #1
bucolic_frolic Jun 23 #2

Response to mahatmakanejeeves (Original post)

Thu Jun 23, 2022, 08:46 AM

1. Well, he's a wise investor. Guess he thinks Petroleum is still king.

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Response to mahatmakanejeeves (Original post)

Thu Jun 23, 2022, 09:09 AM

2. End of quarter portfolio dressing

I doubt this last add for him will be worthwhile if he holds it long term.

Bounce in many beaten downs into June 30th?

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