BRK B Stock Declines and Company Buys More Occidental Petroleum Stock


BRK B stock was trading at $268.95 as of 12:28 PM EDT.

According to a late-Wednesday filing, Warren Buffett’s Berkshire Hathaway (NYSE:BRK.B) purchased over 6 million more shares of Occidental Petroleum (NYSE:OXY), raising its total holdings to 194.5 million shares, or around 20.9% of the petroleum company’s outstanding common stock.

Berkshire Now Owns 20% Of Occidental Petroleum

As of August 30th, that was up from 20%. From September 26 to September 28, Berkshire (NYSE:BRK.B) purchased the 5.99 million shares multiple times at prices ranging from $57.67 per share to $61.595 per share. The conglomerate with headquarters in Omaha, Nebraska, increased its stake in OXY as its shares dropped 17% over the previous month by buying the dip.

Additionally, Berkshire (NYSE:BRK.B) owns warrants to buy 83.9 million shares at an exercise price of $59.624 per share as well as 100,000 shares of OXY’s series A preferred stock.

Shares of Occidental (NYSE:OXY) increased 0.8% in premarket trade on Thursday.  BRK B stock (NYSE:BRK.B) decreased by 0.5%. The Buffett-held stock is “set to rock,” according to SA contributor The Digital Trend, because of its ROE and profitability.

Buffett Remains Bullish On Oil, Increases Stakes In Chevron And Occidental

BRK B Stock Portfolio

Buffett’s Berkshire purchased more than 21 million shares of Ally Financial (NYSE:ALLY) in the second quarter of 2022, more than tripling its ownership of the consumer digital bank. Auto loans are Ally’s area of expertise.

Additionally, Berkshire upped its ownership stake in Paramount Global (NASDAQ:PARA) by 13%. The streaming service Paramount+ competes with Netflix, Disney+, and Amazon Prime in a tiny but expanding way. Buffett also increased his holdings in Chevron (NYSE:CVX) and Apple (NASDAQ:AAPL), per a 13F filing made in August.

Berkshire Hathaway has dramatically increased its holding in Occidental Petroleum since the quarter’s end. According to a filing on September 28 and amid recent volatility, Berkshire purchased an additional 5.99 million shares between September 26 and 28. Its ownership of the oil and gas company has increased from 20% as of August 30 to 20.9% as of today.

Following the Russian invasion of Ukraine on February 24, OXY stock rose along with oil prices.

In Q2, Berkshire increased its holdings of Apple while maintaining many of its largest and longest-held positions. These include American Express (NYSE:AX), Kraft Heinz (NASDAQ:KHC), Coca-Cola (NYSE:KO), and Bank of America (NYSE:BAC).

Featured Image-  Megapixl @ Jetcityimage

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About the author: I'm a financial freelance writer keen on the latest market developments which i articulate with writing stock updates, press releases and investor news. As a person i live by the code of a sustainable human existence and a carbon neutral universe. When off work, i spend time reading non-fiction books, flying drones, and outdoor cycling.