Why Is Occidental Petroleum (OXY) Stock Up Today?


  • Occidental Petroleum (OXY) stock is rising on Warren Buffett news.
  • Berkshire Hathaway (BRK-A, BRK-B) bought more shares of OXY stock.
  • This has its current stake in the oil company sitting at 22.2%.
OXY Stock - Why Is Occidental Petroleum (OXY) Stock Up Today?

Source: T. Schneider / Shutterstock.com

Occidental Petroleum (NYSE:OXY) stock is climbing higher on Wednesday as Warren Buffett adds more shares to his holdings.

Warren Buffett’s Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) recently purchased another 5.8 million shares of OXY stock for $355 million. The investment firm made these purchases between March 3 and March 7.

With this latest purchase, Berkshire Hathaway now holds 200.2 million shares of OXY stock. That investment is worth $12.2 billion and represents a 22.2% stake in the oil exploration and manufacturing company.

Buffett Could Buy Even More OXY Stock

Berkshire Hathaway still has room to increase its position in OXY stock further. The company recently gained approval to acquire up to a 50% stake in Occidental Petroleum. It also holds warrants allowing it to acquire another $5 billion worth of OXY shares.

OXY stock is seeing an increase in interest from traders following today’s Buffett news. That has some 5 million shares on the move in early morning trading. This isn’t a bad start to the day, but it still has a ways to go to reach the daily average trading volume of 12.2 million shares.

OXY stock is up 4% as of Wednesday morning and is up 15.6% over the last year.

Investors looking for more of the latest stock market news will want to keep reading!

InvestorPlace has all of the hottest stock market news traders need to know about on Wednesday. Among that is what has shares of Miromatrix Medical (NASDAQ:MIRO), Intelligent Bio Solutions (NASDAQ:INBS), and Fresh Tracks Therapeutics (NASDAQ:FRTX) stock moving today. All of that news is ready to go below!

More Wednesday Stock Market News

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.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/why-is-occidental-petroleum-oxy-stock-up-today-march-8/.

©2024 InvestorPlace Media, LLC