Occidental Petroleum (OXY) Stock Gets Boost From Yet Another Buffett Buy

  • Occidental Petroleum (OXY) is rising on a new investment from Warren Buffett's Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B).
  • The investment firm bought 794,389 shares of OXY stock.
  • This brings its stake up to 16.4%.
OXY Stock - Occidental Petroleum (OXY) Stock Gets Boost From Yet Another Buffett Buy

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Occidental Petroleum (NYSE:OXY) stock is rising on Tuesday after Warren Buffett’s Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-Bincreased 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!

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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.


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