Drew Angerer/Getty Images News
Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) increased its stake in Occidental Petroleum (New York Stock Exchange:OXY) to ~23.6% after buying nearly 3.7 million additional shares, according to a new filing with the SEC Monday.
Latest from Berkshire (BRK.A) (BRK.B) purchases, which cost ~$216M and occurred on March 23 and 27, boosted the number of Occidental (OXY) shares owned by ~211.7 million worth $12.6 billion based on Monday’s closing price of $59.65.
Buffett’s business also owns $10 billion of Occidental (OXY) preferred shares with an 8% dividend, plus warrants to buy another $5 billion of common shares at $59.62 each.
Look to Berkshire Hathaway (BRK.A) (BRK.B) to continue investing opportunistically in Occidental Petroleum (OXY) until you finally acquire the company, The Value Portfolio writes in an analysis recently published in Seeking Alpha.
