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Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) raised its ownership stake in Occidental Petroleum (NYSE:OXY) to ~23.6% after buying nearly 3.7M additional shares, according to a new SEC filing Monday.
Berkshire’s (BRK.A) (BRK.B) latest purchases, which cost ~$216M and occurred on March 23 and 27, boosted the number of Occidental (OXY) shares owned to ~211.7M worth $12.6B based on Monday’s $59.65 closing price.
Buffett’s business also owns $10B of Occidental (OXY) preferred stock with an 8% dividend, plus warrants to buy another $5B of common stock at $59.62 each.
Look for Berkshire Hathaway (BRK.A) (BRK.B) to continue opportunistically investing in Occidental Petroleum (OXY) until it eventually acquires the company, The Value Portfolio writes in an analysis published recently on Seeking Alpha.
