Warren Buffett’s Berkshire Hathaway increased its stake in Occidental Petroleum Corp. in recent days.
Berkshire bought about 5.8 million shares of Occidental in a series of purchases Friday, Monday and Tuesday, according to a late Tuesday filing with the Securities and Exchange Commission, at prices ranging from $59.85 a share to $61.90 a share. The value of the purchases was about $360 million.
Berkshire is the dominant stakeholder in Occidental, holding about 22% — or more than 200 million shares — worth roughly $12 billion.
Also see: Warren Buffett’s Berkshire Hathaway is the largest investor in these 8 stocks
Last week, Occidental announced a $3 billion stock buyback program and a 38% increase to its dividend to 18 cents a share, following quarterly profit and revenue that fell below expectations.
Occidental shares OXY,