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Warren Buffett’s Berkshire Hathaway bought more Occidental Petroleum stock.
Saul Loeb/AFP via Getty Images
Berkshire Hathaway
bought more stock in
Occidental Petroleum
in recent days, purchasing 3.7 million shares of the energy company and bringing its ownership to 211.7 million shares, a 23.5% stake, according to a filing late Monday.
Berkshire Hathaway (ticker: BRK.A, BRK.B) CEO Warren Buffett continues to take advantage of the weakness in oil and natural-gas prices to purchase stock in Occidental Petroleum (OXY) below $60 a share.
Berkshire paid about $218 million for its latest round of purchases, and it now holds a stake worth $12.6 billion after Occidental stock gained 2.5% on Monday to $59.65. Berkshire paid in a range of $58 to $59 for the 3.7 million shares on Thursday and Monday.
Berkshire has stepped up its Occidental stock purchases this month after being dormant since Sept. 30. Berkshire bought about eight million shares from March 13 to March 15 and another six million shares earlier in the month. The purchase illustrates Buffett’s patience in building stakes in companies. Berkshire’s first purchases were disclosed over a year ago.
As a holder of more than 10% of the company, Berkshire must disclose purchases within two business days.
The latest buys will fuel ongoing speculation about how large an Occidental stake will be purchased by Berkshire and whether Buffett wants the whole company.
It likely would cost Berkshire more than $50 billion to buy the rest of Occidental, assuming a price of about $75 a share. Barron’s estimates that Berkshire has…
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