Warren Buffett's Berkshire Hathaway boosts Occidental Petroleum holdings to $8.8 billion, lifting stake in oil giant to 15.2%
Scott Morgan/Reuters
- Warren Buffett's Berkshire Hathaway boosted its stake in Occidental Petroleum to $8.8 billion this week.
- Occidental stock rose as much as 4.7% Thursday to $64.49, its highest mark in three years.
- Buffett has been on a buying spree recently, making or agreeing to about $23 billion worth of investments.
Warren Buffett's Berkshire Hathaway bought an additional 5.9 million shares of Occidental Petroleum on Monday and Tuesday this week, the company said in a Wednesday regulatory filing.
In total, the new shares cost about $336 million, boosting the firm's holding to 142.3 million shares worth about $8.8 billion.
The company now holds a 15.2% stake in the energy giant.
Occidental stock rose as much as 4.7% Thursday to $64.49, its highest level in three years.
"Occidental is generating tons of free cash flow and using it to pay down debt, repurchase shares, and pay dividends to shareholders – of which Berkshire is now the largest," Dan Pollock, portfolio manager at Cheviot Value Management told Insider previously.
Buffett has been on a buying spree as of late, making or agreeing to about $23 billion worth of investments in recent weeks with companies including HP, Alleghany, and Occidental.