Warren Buffett's Berkshire snaps up more Occidental shares, stake at nearly 29%
Warren Buffett's Berkshire Hathaway (NYSE:BRK.B) (NYSE:BRK.A) has picked up more Occidental Petroleum (NYSE:OXY) shares over the past few days, accumulating a near 29% stake in the oil producer worth about $15.37B.
Berkshire (BRK.B) bought a little over 2.9M Occidental (OXY) shares in three separate transactions on June 13, 14 and 17 for about $176M, according to an exchange filing.
Following the latest purchases, the investment conglomerate has bought Occidental (OXY) shares for nine business days in a row. Berkshire (BRK.B) acquired about 5.5M OXY shares this month alone, amassing 255.3M shares in the company.
It also owns warrants to buy another 83.9M OXY shares at $59.62 per share, below Occidental's (OXY) Monday closing price of $60.20.
Buffett, who previously said Berkshire (BRK.B) has no plans to acquire Occidental (OXY), may be taking advantage of the recent dip in the energy stock, which fell 5.5% in May and is down 3.7% so far this month.