Why Occidental Petroleum Shares Are Rising Today

Occidental Petroleum Corp OXY is trading higher Monday morning after Berkshire Hathaway Inc (NYSE: BRK-A) increased its stake in the stock. 

An SEC Form 4 filing revealed that Berkshire owns 91.2 million shares of Occidental Petroleum as of March 4. More than 61 million of the shares were purchased last week between $47.07 and $56.45 per share. The other 29 million shares were purchased sometime earlier this year. 

Occidental Petroleum shares have been soaring so far in 2022 alongside the price of oil, which has been surging in the wake of Russia's invasion of Ukraine.

See Also: 42 Stocks Moving in Monday's Pre-Market Session

Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America and the Middle East.

OXY 52-Week Range: $21.62 - $56.45

Occidental Petroleum shares were up 6.41% at $59.75 at time of publication.

Photo: drpepperscott230 from Pixabay.