Warren Buffett's Berkshire Hathaway Boosts Stake In Occidental Yet Again — Spends $1B This Month

Warren Buffett's Berkshire Hathaway Inc BRK BRK has once again hiked its stake in Occidental Petroleum Corporation OXY that takes its purchases of the stock this month to over a billion dollars.

What Happened: Berkshire bought over 3.66 million shares in the company between March 23 and 27, SEC filings show. The purchase was done at a price ranging between $58.28 and $59.62 that takes the total purchase cost to over $216 million.

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Berkshire paid about $466.68 million for 7.9 million Occidental shares between March 13 and 15. The company paid $354.51 million for 5.8 million Occidental shares between March 3 and 7. As a result, the total share purchase in March now amounts to $1.037 billion.

Berkshire's stake in Occidental now stands at 23.6%, according to a Reuters report. Buffett’s company had commenced buying large quantities of Occidental shares just over one year ago, when Russia invaded Ukraine. Occidental shares have gained over 5% in last one year.

Ownership: In August, Berkshire had received the U.S. Federal Energy Regulatory Commission nod to buy up to 50% of Occidental’s common stock, the Reuters report said. The company owns $10 billion of Occidental preferred stock with an 8% dividend and warrants to buy another $5 billion of common shares at $59.62 each.

Berkshire is Occidental’s largest shareholder now and some analysts and investors have projected it might eventually purchase the Houston-based company, the report said.

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