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Warren Buffett’s latest purchase gives Berkshire Hathaway more than 118 million shares of Oxy

Yahoo Finance Live's Brad Smith breaks down billionaire investor Warren Buffett's latest Oxy stock purchases, and how Chevron shares have been downgraded.

Video Transcript

[MUSIC PLAYING]

BRAD SMITH: And Warren Buffett just bought $1 and 1/2 billion worth of Occidental Petroleum shares last week after spending $4 and 1/2 billion the week prior. That gives the Berkshire Hathaway company over a 118 million shares of Occidental or 12% of Occidental's outstanding shares. While Buffett seems to be all in on Oxy, ticker symbol there, Morgan Stanley downgraded the stock, along with Chevron, from a buy to a hold. According to the bank, these stocks seem overvalued and could pull back sometime soon. They aren't the only ones who think so. JP Morgan downgraded Chevron to sell and Bank of America cut Oxy to hold. We'll have to keep tabs on these Oxy prices, though, to see if Buffett's forecasts have something that the banks don't.