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Omaha, May 16 (AP) Investor Warren Buffett’s firm bought another $127 million worth of Occidental Petroleum Corp stock over the past week, giving Berkshire Hathaway 213.9 million shares. Shares of oil producers.
Berkshire bought an additional 2.2 million shares of Occidental in its latest filing with the Securities and Exchange Commission late Monday.
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Buffett’s Omaha, Nebraska, conglomerate controls 23.8 percent of Occidental’s stock and holds warrants to buy an additional 83.9 million shares at $59.62 each, but the billionaire recently told shareholder, he has no plans to buy the entire company.
Many people like to copy Buffett’s moves because of his track record. Buffett typically doesn’t comment on Berkshire’s stock purchases.
Since early last year, Buffett has been regularly buying shares of Houston-based Occidental Petroleum whenever the stock dipped below $60. Berkshire Hathaway’s most recent purchase price ranged from $56.34 to $58.52.
Occidental shares were down slightly Tuesday morning at $58.23. As a result, Berkshire’s warrants remain out-of-the-money.
Berkshire Hathaway also owns 93,532 preferred shares of Occidental Petroleum, worth about $10.3 billion and paying a hefty dividend, but Occidental recently redeemed 6,468 of those shares at $110,000 each . Berkshire acquired the preferred stock and warrants when it helped Occidental Petroleum acquire Anadarko in 2019.
In addition to its investments, Berkshire directly owns dozens of companies, including BNSF Railroad, Geico Insurance, several major utilities, and others such as See’s Candy, Helzberg Diamonds, and Precision Castparts. (Associated Press)
(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)
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