Many times, when Occidental Petroleum dips, Warren Buffett’s Berkshire Hathaway will buy. In fact, the firm just bought another 3.9 million shares, increasing its stake to 228 million shares, which is worth about $14.5 billion. That now gives Buffett a 25.8% stake in OXY.
Better, “Buffett probably isn’t done building his stake in the company, given that Berkshire Hathaway has received the green light from regulators to own up to 50% of the company,” as noted by Business Insider.
“Since Berkshire began accumulating stock in Occidental in early 2022, there was speculation that Buffett might want to buy the whole company. But he said recently at Berkshire’s annual meeting that he doesn’t seek control of the company,” added Barron’s.