Stock Track | Occidental Petroleum Soars 5% as Warren Buffett's Berkshire Hathaway Boosts Stake

Stock Track12-20 23:40

Occidental Petroleum Corp. (OXY) saw its shares surge 5% in Friday's intraday trading session, fueled by a significant investment from renowned investor Warren Buffett's Berkshire Hathaway.

According to regulatory filings, Berkshire Hathaway increased its stake in Occidental by purchasing approximately $409.2 million worth of shares over the past three days. The filings revealed that Berkshire acquired 8.9 million shares between December 17 and December 19, 2024, at a weighted average price ranging from $45.55 to $46.92 per share.

This strategic move by Buffett's firm reinforces its confidence in Occidental's long-term prospects and aligns with Berkshire Hathaway's value investing strategy. With the additional share purchases, Berkshire now holds a substantial 28.15% stake in the energy company, making it the largest shareholder.

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