Occidental Petroleum (NYSE:OXY) stock is rising higher on Thursday following news that Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A,BRK.B) increased its stake in the company.
From Monday to Wednesday, Berkshire Hathaway added an additional 18.1 million shares of OXY stock to its holdings. That has the company’s stake in the company reaching 14.6%, which is fueling talk that BRK might be interested in acquiring the oil company.
It’s worth highlighting that Berkshire Hathaway’s stake in Occidental Petroleum has reached 136.4 million shares after its recent buying spree. As a result, its holdings in OXY stock are now worth more than $7 billion, reports Barron’s.
Occidental Petroleum isn’t the only oil company that Berkshire Hathaway has increased its stake in recently. Last fall the investment company picked up additional shares of Chevron (NYSE:CVX) stock. That saw its stake in the oil giant rising to 38 million shares with a value of $5.2 billion.
It’s worth noting that oil prices have been suffering volatility recently. That comes after Russia’s invasion of Ukraine resulted in sanctions against the country. While the price of crude oil initially shot up a couple of weeks ago, it’s dropped since then.
It could be that Berkshire Hathaway saw a good opportunity to pick up OXY stock as oil prices retreated. That could be a sign it expects the price of oil to increase again, which could be the case with crude increasing 7.9% as of Thursday morning.
OXy stock is up 8.6% and BRK.A/BRK.B are up slightly as of Thursday morning.
There’s more recent stock market news for investors to dive into below!
Luckily for traders, we’ve got all the latest stock news ready for them. Among that is Federal Reserve rate hike news, what’s happening with TD Holdings (NASDAQ:GLG) stock, as well as Orphazyme (NASDAQ:ORPH) stock is up today. You can find all of this news at the following links!
More Stock Market News for Thursday
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- Why Is Orphazyme (ORPH) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
