by Burke Speaker | November 15, 2013 10:25 am
The Associated Press is reporting that Warren Buffet’s company has purchased some 40 million Exxon Mobil Corp. (XOM) shares.
In addition, the company — Berkshire Hathaway (BRK.A) — cut its ConocoPhillips investment in the third quarter.
The company filed its update on Thursday, which showed new movement in its $92 billion stock portfolio.
From the AP:
Berkshire reduced its ConocoPhillips holdings to 13.5 million shares at the end of September, down from 24.2 million shares in June. In an record-setting day for the Dow Jones industrial average, shares of XOM stock closed up 63 cents, 0.7%, to $93.22 Thursday. In after-hours trading, the stock added 85 cents, 0.9%, to $94.07.
But the size of the Exxon investment — worth $3.7 billion at Thursday’s closing price — suggests it was Buffett’s decision. Buffett has said investments smaller than $300 million are likely to be the work of other Berkshire managers.
Berkshire has previously invested in Exxon Mobil, but sold those shares in 2009.
At the same time, it appears Buffet and co. see good future in oil shares. In addition to XOM stock, Berkshire has investments in Phillips 66 and oil and gas industry supplier National Oilwell Varco.
Source URL: https://investorplace.com/2013/11/buffett-buys-big-exxon-stake/
Short URL: http://invstplc.com/1nvBGSi
Copyright ©2018 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.