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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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