Occidental Petroleum (NYSE:OXY) stock is rising on Tuesday after Warren Buffett’s Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) increased its stake in the company.
Berkshire Hathaway bought an additional 794,389 shares of OXY stock in two transactions Thursday. That includes a purchase of 793,489 shares at a price of $55.3895 each. The second batch is made up of 900 shares for $56.09 each.
Following this latest purchase, Berkshire Hathaway now owns 153,508,235 shares of OXY stock. Buffett’s investment firm already owned a more than 10% stake in the company before this purchase. Following it, the firm now holds a 16.4% stake in the oil company.
Berkshire Hathaway has increased its stake in OXY stock quite a few times recently. This saw the investment firm add 9.5 million shares to its holdings on June 17 and June 22. Buffett’s growing interest in OXY shares comes as oil prices have experienced major increases these last few months.
So how’s trading for OXY stock today following the news? Currently, some 15 million shares of OXY have changed hands. That’s a strong start to the day, even if it hasn’t reached the company’s daily average trading volume of about 28.8 million shares.
OXY stock is up 5.5% as of Tuesday morning and is up 99.9% since the start of the year.
Investors seeking more of the latest stock market news will want to stick around!
We’ve got all of the most recent stock news traders need to know about for Tuesday! Among that is what has shares of Kezar Life Sciences (NASDAQ:KZR) stock, TD Synnex (NYSE:SNX) stock, and Weber (NYSE:WEBR) stock on the move today. You can find out more on these matters by following the links below!
More Stock Market News for Tuesday
- Kezar Life Sciences (KZR) Stock Soars on Lupus Trial Results
- Why Is TD Synnex (SNX) Stock on the Move Today?
- Weber (WEBR) Stock Falls 12% After Major Short Squeeze Rally
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.
