Stock Groups

Warren Buffett is still buying Occidental Petroleum, adding shares worth $1.5 billion

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Warren Buffett attends Berkshire Hathaway’s annual meeting in Los Angeles. May 1, 2021.

Gerard Miller | CNBC

Warren Buffett wasn’t done.

Last week, 91.2 million shares were purchased by a group that spent $4.5 billion. Occidental PetroleumHe has spent over $1.5 billion to buy 27.1 million more shares of Berkshire Hathaway this week.

The following are some examples SEC filing late Friday revealed the purchases were made on Wednesday, Thursday and Friday at prices between $51.03 and $58.58. A weighted mean of all the purchases is $56.60.

It gives BerkshireThere are 118.3 Million shares in total. worth almost $6.9 billion at Friday’s close of $57.95.

OXY is now at 9th position. Berkshire’s list of biggest reported holdings of publicly-traded U.S. shares.

This gives Berkshire about 12% in outstanding shares of Occidental.

Its warrants to purchase nearly 84,000,000 shares. 2019 deal that helped finance Occidental’s purchase of AnadarkoThese stakes, which the SEC is paying attention to, total around 20%

They have an exercise cost of $59.624, meaning they’re only a fraction away from being in the money. Berkshire could use the warrants to purchase stock at a lower price than the market, creating an immediate paper profit. Stock prices rise, so this is a good way for Berkshire to make a quick cash flow.

Occidental shares rose nearly 90% during the past twelve months, as oil prices have soared.

Berkshire shares hit an all-time record on Friday, and have risen 9% in the first half of 2022.

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