What's Driving The Action In Occidental Petroleum Shares Today?

Occidental Petroleum Corp OXY is trading higher Thursday after Warren Buffett disclosed the purchase of 18,102,616 OXY shares at an average price of $54.41 per share in a Form 4 filing with the SEC.

The filing shows that Berkshire Hathaway has continued to add to its Occidental Petroleum position over the last few days. Multiple purchases this week have increased Buffett's stake to 14.6% in the company. 

Berkshire has bought more than 100 million shares already in March leading some to speculate that Buffett might be aiming to purchase the whole company.

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 - $59.60

The stock was up 6.49% at $56.47 at time of publication.

Photo: kristinakasp from Pixabay.