Warren Buffet’s Berkshire Hathaway (NYSE:BRKa) purchased around 5.9 million additional shares of Occidental Petroleum (NYSE:OXY), according to a new filing late Wednesday.
The filing showed that the conglomerate bought OXY stock on May 2 and May 3 at the price range between $56 and $58.37 apiece.
Before these transactions, Berkshire held around 14.6% of Occidental’s common stock, along with the preferred stake it purchased in 2019 when the oil company negotiatiated a deal with Anadarko Petroleum (NYSE:APC). The investment giant now owns roughly 15.2% of OXY.
Occidental was the best performing S&P 500 component in the first quarter after Russia’s invasion of Ukraine and Berkshire’s purchases drove the oil giant’s stock higher.
Shares of Occidental rose nearly 4% on Wednesday and have more than doubled year-to-date.
By Senad Karaahmetovic