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Warren Buffett Can’t Keep His Hands Off Occidental as Berkshire Hathaway Buys More Stock

·1 min read
Warren Buffett Can’t Keep His Hands Off Occidental as Berkshire Hathaway Buys More Stock
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Berkshire Hathaway purchased more than $500 million of Occidental Petroleum stock recently and now holds a 16.3% stake in the big energy company, according to a regulatory filing late Wednesday. Berkshire Hathaway (ticker: BRK/A, BRK/B) CEO Warren Buffett began buying Occidental Petroleum (OXY) stock earlier this year and Berkshire now owns 152.7 million shares after purchasing a total of 9.5 million shares this past Friday and Wednesday. Occidental shares were down 3.6% Wednesday to $55.77 as oil prices continued to retreat, falling 1.7% to $104 a barrel based on West Texas intermediate crude.