Reported 8 months ago
Berkshire Hathaway, the investment company led by investing guru Warren Buffett, has increased its stake in Occidental Petroleum by purchasing 2.9 million shares, raising its ownership to nearly 29% with a total value of $15.4 billion. By taking advantage of the recent underperformance of oil stocks, Berkshire Hathaway has bought a total of 5.5 million Occidental Petroleum shares in June, with an average purchase price below $60 per share. This move is seen as a way to diversify Berkshire Hathaway's energy investment portfolio, with Occidental Petroleum now accounting for 4.59% of its overall investment portfolio.
Source: YAHOO