Warren Buffett's Berkshire Hathaway snaps up another $123 million in Occidental Petroleum stock, now owns 25% of the oil company
Warren Buffett's Berkshire Hathaway just snapped up more Occidental Petroleum shares, pushing the legendary investor's stake in the oil company to just over 25%.
Buffett's conglomerate purchased another 2.1 million shares of Occidental in the past week when the stock traded at $57.89, an amount worth $123 million in total, according to a recent Securities and Exchange Commission filing. Berkshire now owns 224 million shares of the oil producer worth $13 billion. That represents just over quarter of Occidental's entire value, with a total market cap of $52.56 billion.
Occidental shares traded at $58.52 on Friday, with the stock down 4% from levels at the start of the year. Meanwhile, Berkshire Hathaway Class A shares traded around $515,550, with the stock up 9% year-to-date. Class B shares were trading at $339.59. over the past year as oil and natural gas prices skyrocketed in the aftermath of Russia's invasion of Ukraine.
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