Warren Buffett’s Berkshire Hathaway just bought even more Occidental Petroleum (OXY) stock.
In fact, the firm just bought another 3.9 million shares, increasing the stake to 228 million shares. All worth about $14.5 billion. That now gives Buffett a 25.8% stake in OXY. Like clockwork, Buffett and his team accumulated even more OXY stock on a recent pullback.
Better, “Buffett probably isn’t done building his stake in the company, given that Berkshire Hathaway has received the green light from regulators to own up to 50% of the company,” as noted by Business Insider.
“Since Berkshire began accumulating stock in Occidental in early 2022, there was speculation that Buffett might want to buy the whole company. But he said recently at Berkshire’s annual meeting that he doesn’t seek control of the company,” added Barron’s.
OXY last traded at $63.55 in after-hours trading.
Even better, OXY appears attractive on its recent pullback to $63.27 support. From this price, we’d like to see OXY initially refill its bearish gap around $66. Longer-term, we’d like to see OXY test $73 again – especially with Buffett still buying.