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Sept. 29, 2022, 1:40 p.m. EDT

BRK B Stock Declines and Company Buys More Occidental Petroleum Stock

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Sep 29, 2022 (PressReach.com via COMTEX) -- BRK B stock was trading at $268.95 as of 12:28 PM EDT.

According to a late-Wednesday filing, Warren Buffett’s Berkshire Hathaway /zigman2/quotes/200060694/composite BRK.B +0.40% purchased over 6 million more shares of Occidental Petroleum /zigman2/quotes/207018272/composite OXY -1.18% , raising its total holdings to 194.5 million shares, or around 20.9% of the petroleum company’s outstanding common stock.

Berkshire Now Owns 20% Of Occidental Petroleum

As of August 30th, that was up from 20%. From September 26 to September 28, Berkshire /zigman2/quotes/200060694/composite BRK.B +0.40% purchased the 5.99 million shares multiple times at prices ranging from $57.67 per share to $61.595 per share. The conglomerate with headquarters in Omaha, Nebraska, increased its stake in OXY as its shares dropped 17% over the previous month by buying the dip.

Additionally, Berkshire /zigman2/quotes/200060694/composite BRK.B +0.40% owns warrants to buy 83.9 million shares at an exercise price of $59.624 per share as well as 100,000 shares of OXY’s series A preferred stock.

Shares of Occidental /zigman2/quotes/207018272/composite OXY -1.18% increased 0.8% in premarket trade on Thursday. BRK B stock /zigman2/quotes/200060694/composite BRK.B +0.40% decreased by 0.5%. The Buffett-held stock is “set to rock,” according to SA contributor The Digital Trend, because of its ROE and profitability.

Buffett Remains Bullish On Oil, Increases Stakes In Chevron And Occidental

Buffett’s Berkshire purchased more than 21 million shares of Ally Financial /zigman2/quotes/206227672/composite ALLY +0.53% in the second quarter of 2022, more than tripling its ownership of the consumer digital bank. Auto loans are Ally’s area of expertise.

Additionally, Berkshire upped its ownership stake in Paramount Global /zigman2/quotes/200340870/composite PARA +1.27% by 13%. The streaming service Paramount+ competes with Netflix, Disney+, and Amazon Prime in a tiny but expanding way. Buffett also increased his holdings in Chevron /zigman2/quotes/205871374/composite CVX -0.29% and Apple /zigman2/quotes/202934861/composite AAPL -1.96% , per a 13F filing made in August.

Berkshire Hathaway has dramatically increased its holding in Occidental Petroleum since the quarter’s end. According to a filing on September 28 and amid recent volatility, Berkshire purchased an additional 5.99 million shares between September 26 and 28. Its ownership of the oil and gas company has increased from 20% as of August 30 to 20.9% as of today.

Following the Russian invasion of Ukraine on February 24, OXY stock rose along with oil prices.

In Q2, Berkshire increased its holdings of Apple while maintaining many of its largest and longest-held positions. These include American Express /zigman2/quotes/202367185/composite AX +1.23% , Kraft Heinz /zigman2/quotes/203625533/composite KHC 0.00% , Coca-Cola /zigman2/quotes/209159848/composite KO +0.10% , and Bank of America /zigman2/quotes/200894270/composite BAC +0.24% .

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Author: Jowi Kwasu
Market Jar Media Inc.
info@marketjar.com
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COMTEX_415575069/2810/2022-09-29T13:39:48

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