By Investing.com Staff
A filing after the close of trading Thursday revealed that Warren Buffett's Berkshire Hathaway (NYSE:BRKa) bought millions more Occidental Petroleum (NYSE:OXY) shares. The development comes as the sector - one of the few bright spots in the market this year - has taken it on the chin recently following President Biden's attacks on the sector's profits and on recession worries.
Berkshire disclosed it bought another approximately 12 million shares at prices from $57.26-$59.05 per share from July 5th -July 6th. The value of the latest purchase was about $700 million.
The latest purchase brings the firm's stake to 175,437,745 shares. Berkshire also owns warrants that cover another 83,858,848 shares, with an exercise price of $59.62, and 100,000 preferred shares.
Truist Securities analyst Neal Dingmann recently speculated that he believes there is a good chance the billionaire buys the remaining 2/3 of Occidental that he and Berkshire do not own once the company becomes investment grade.