Warren Buffett's Berkshire Hathaway boosts its stake in Occidental Petroleum

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

Financial Press

Published

March 8, 2023

warren-buffett's-berkshire-hathaway-boosts-its-stake-in-occidental-petroleum

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, -1.35% are down 3.4% year to date but up 11.5% over the past 12 months. Class B shares BRK.B, -1.85% of Berkshire are down less than 1% in 2023, and down 2.3% over the past year. That compares to the S&P 500’s SPX, -1.53% 3.8% gain this year and 4.4% decline over the past 12 months.

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