Why Occidental Petroleum Corporation Shares Are Moving Higher Tuesday

Occidental Petroleum Corporation OXY stock is moving higher on Tuesday after Berkshire Hathaway increased its stake in the company.

What Happened: On Monday, Berkshire Hathaway in a form4 disclosed that it purchased about 2.9 million additional shares.

Berkshire Hathaway purchased these shares at an average price of $59.70.

Prior to Monday, the company had already filed twice in June with the SEC where it indicated similar purchases. The first form showed a purchase of approximately 2.5 million shares and the second showed 1.7 million shares.

According to Reuters, the latest purchase brings Berkshire Hathway’s total stake in the company to about 29%, worth around $15.37 billion.

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OXY Price Action: At the time of writing, Occidental Petroleum Corporation shares are trading 1.36% higher $61.02, according to data from Benzinga Pro.

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