Buffett continues to bottom fish? Berkshire Hathaway further increases its stake in Occidental Petroleum by over $100 million
Warren Buffett's Berkshire Hathaway continues to increase its stake in Occidental Petroleum, purchasing 1.75 million shares worth approximately $105 million. Previously, they had purchased 2.6 million shares, accumulating a total of over 252.3 million shares, representing close to 28.5% ownership. Buffett took advantage of the recent decline in Occidental Petroleum's stock price to bottom fish. Occidental Petroleum and Berkshire Hathaway's energy division have also established a new joint venture to extract and commercialize lithium from Berkshire's geothermal facilities in California
According to Zhitong Finance, Warren Buffett's Berkshire Hathaway (BRK.A.US) continued to increase its stake in Occidental Petroleum (OXY.US). On June 10, 11, and 12, it purchased an additional 1.75 million shares at a slightly higher average price of over $60 per share, worth about $105 million. Prior to this, Berkshire Hathaway had already purchased 2.6 million shares of Occidental Petroleum last week, exceeding $150 million, accumulating a total of over 252.3 million shares, accounting for nearly 28.5%.
Berkshire's position in Occidental Petroleum is currently worth over $15 billion, accounting for 4.6% of its total investment portfolio. However, Buffett stated that he has no intention of buying the entire company. Buffett may be taking advantage of the recent decline in Occidental Petroleum's stock price. The company's stock price has approached a three-month low, closing at $60.30 on Wednesday, well below the intraday high of $71.19 in April.
Prior to this transaction, Occidental Petroleum and Berkshire Hathaway's energy division announced the establishment of a new joint venture last Tuesday to extract and commercialize lithium from Berkshire's geothermal facilities in California