Berkshire Hathaway Buys More Shares In Occidental Petroleum Corp Oxy

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Berkshire Hathaway Buys More Shares In Occidental Petroleum Corp Oxy

Berkshire Hathaway Buys More Shares In Occidental Petroleum Corp (OXY)

Berkshire Hathaway (BRKa) has recently increased its investment in Occidental Petroleum Corp (OXY). After buying more shares, the investment company now controls a 23.1% stake in Occidental Petroleum Corp.

According to the details, Warren's firm bought 7.9 million shares of Occidental Petroleum Corp and paid a total of $466.68 million for the deal. These shares were purchased between the 13th - 15th of March and will allow Berkshire to have control over the petroleum company.

We got confirmation earlier this month that Berkshire Hathaway has started to buy shares of Occidental Petroleum Corp once again after a 5-month break.

Considering the importance of Warren Buffett and his firm Berkshire Hathaway, Occidental Petroleum Corp (OXY) will also attract attention from the general investors as well.

Berkshire Controls 208 Million Occidental Shares

If we look at the total stake of Berkshire in the OXY, it is around 208.04 million shares. Based on the current value of Occidental shares, this puts Berkshire's investment in the company to be around $11.81 billion.

At the time of writing this, the price of Occidental Petroleum Corp (OXY) was around $56.80. If we look back, Buffett's firm only started to buy big chunks of OXY shares just a share ago.

And today, Buffett's firm already owns 23.1% of the Petroleum company and there's a good chance that it will continue to invest more.

If we look at the strategy employed by Warren Buffett, he is all about long-term investment. Considering how the firm only started buying shares in a petroleum company a year ago, there's a good chance that it will continue to hold them for years to come.

In addition, the investment of Berkshire also reveals that Occidental Petroleum Corp (OXY) is a fundamentally strong company. This makes it a prime candidate for stock price appreciation in the short-term as well as the long term.

This also puts light on how Warren Buffett's firm is still investing in energy companies. With all the talks of EVs and green energy production, it tells that the fossil fuels such as crude oil still hold relevance in today's environment.

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