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Aug. 9, 2022, 3:07 p.m. EDT

Occidental Petroleum stock surges after Warren Buffett's Berkshire Hathaway boosts stake by $390 million

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By Tomi Kilgore

Shares of Occidental Petroleum Corp. /zigman2/quotes/207018272/composite OXY +2.37% rallied 3.6% in afternoon trading Tuesday, enough to pace the S&P 500's /zigman2/quotes/210599714/realtime SPX -0.20% energy sector gainers, after the oil and natural gas company disclosed that Warren Buffett's Berkshire Hathaway Inc. /zigman2/quotes/200060694/composite BRK.B -0.40% boosted its stake in Occidental to more than 20%. Occidental disclosed in a late-Monday filing that Berkshire Hathaway increased its investment in Occidental by 6.68 million shares, valued at $390.72 million, to 188.37 million shares, or 20.2% of the shares outstanding. At current prices, Berkshire Hathaway's common stock stake is valued at $11.72 billion. The shares were purchased in a series of transactions from Aug. 4 through Aug. 8, at a weighted average price of $58.4763, according to a MarketWatch analysis of filing data. That price is 6.0% below current levels. The purchase further distances Berkshire Hathaway as Occidental's largest shareholder, as the second-largest shareholder is Dodge & Cox at 10.75%, according to FactSet data. Occidental's stock has soared 114.6% year to date, while the SPDR Energy Select Sector ETF /zigman2/quotes/206420077/composite XLE +2.07% has climbed 34.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% has shed 13.5%.

/zigman2/quotes/207018272/composite
US : U.S.: NYSE
$ 67.74
+1.57 +2.37%
Volume: 25.49M
Oct. 5, 2022 4:00p
P/E Ratio
6.69
Dividend Yield
0.77%
Market Cap
$61.64 billion
Rev. per Employee
$2.85M
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/zigman2/quotes/210599714/realtime
US : S&P US
3,783.28
-7.65 -0.20%
Volume: 2.22B
Oct. 5, 2022 5:03p
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/zigman2/quotes/200060694/composite
US : U.S.: NYSE
$ 279.36
-1.13 -0.40%
Volume: 3.35M
Oct. 5, 2022 4:03p
P/E Ratio
55.72
Dividend Yield
N/A
Market Cap
$625.28 billion
Rev. per Employee
$777,879
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/zigman2/quotes/206420077/composite
US : U.S.: NYSE Arca
$ 81.00
+1.64 +2.07%
Volume: 30.64M
Oct. 5, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,783.28
-7.65 -0.20%
Volume: 2.22B
Oct. 5, 2022 5:03p
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