Berkshire Hathaway increased its stake in Occidental Petroleum to nearly 29% with the purchase of 2.95 million shares for about $176 million.
Occidental Petroleum (NYSE:OXY) shares traded up 1.5% changing hands at $61.15 amid reports of further share buying from Warren Buffett’s Berkshire Hathaway.
Buffett’s investment company has now increased its stake in Occidental up to nearly 29%, with its latest purchase of 2.95 million shares, according to a regulatory filing.
That represents a transaction of approximately $176 million, through separate purchases.
Berkshire Hathaway is understood to hold around 255.3 million Occidental shares, with its holding worth around $15.37 billion at current prices.
Buffett is ‘approved’ to purchase up to 50% of the company, though it is reported that he has no plans to acquire the company.
The so-called ‘Oracle of Omaha’ is famous for his value investing philosophy which seeks to meticulously pick out investment opportunities where the market has significantly under priced “good companies”.
