- Occidental Petroleum Corp (NYSE:OXY) stock is down Wednesday as Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) ramps up its stake in the oil company.
- The Warren Buffett-backed conglomerate owns 24.9% of Occidental Petroleum after buying about $275 million of stock in the energy company recently, Barron’s reports.
- The firm procured 4.66 million shares of Occidental Petroleum on Thursday, Friday, and Tuesday in the open market, bringing its total ownership to 222 million shares worth $13 billion.
- Related: Warren Buffett’s Berkshire Hathaway Ramps Up Stake In Occidental Petroleum Again, Weeks After Denying A Buyout
- Buffett began buying shares early since oil prices surged upon Russia’s invasion of Ukraine.
- Berkshire bought over $300 million of Occidental earlier in May.
- On Tuesday, Berkshire accounted for over 15% of the energy company’s stock volume as it purchased 2.2 million shares.
- Previously Buffett denied reports of Berkshire taking control of Occidental.
- Price Action: OXY shares traded lower by 0.65% at $58.21 premarket on the last check Wednesday.
- Photo via Wikimedia Commons
Markets Believe The Fed Got It Wrong: Rate Cut Reluctance Rattles Investors
Stocks drop after Fed's announcement: no rate cut in March. Tech, consumer goods, small caps hit hardest. Expectations for rate cut in early 2024.
