Warren Buffett just plowed around $130 million into Occidental Petroleum after dumping a bunch of stocks last quarter
The purchases boosted Berkshire's stake to nearly 214 million shares, or 23.8% of the company. Buffett and his team have now plowed well over $11 billion into OccidentalOccidental's stock price surged 117% in 2022, making it the S&P 500's top performer for the year. It benefited from Buffett's backing, and Russia's invasion of Ukraine disrupting global energy supply and causing oil prices to spike.
However, Occidental shares have slumped by 24% from their August peak to trade at $58.52 as of Monday's close. Buffett - a value investor who specializes in sniffing out bargains - likely determined they were priced too cheaply, and decided to pounce for the first timeBerkshire's stake is currently worth around $12.5 billion, excluding preferred stock and warrants it received in exchange for financing Occidental's takeover of Anadarko Petroleum in 2019.
However, Monday's filing shows that Occidental paid Berkshire $711 million between April 11 and May 12 to redeem 6,468 of the conglomerate's preferred shares. Berkshire's stockpile shrunk from 100,000 shares to 93,532 as a result. "In the last few months, they've reduced our preferred, which we don't like obviously," Buffett said during Berkshire's annual shareholder meeting this month."We'd be disappointed in them if they didn't reduce it, it's intelligent from their standpoint."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Buffett's Berkshire Hathaway adds Capital One and these other stocks to holdingsWarren Buffett's Berkshire Hathaway made a slew of changes to its massive equity portfolio last quarter.
Read more »
Warren Buffett: couple behind Squishmallows are 'ideal Berkshire managers'Warren Buffett says the married couple behind the maker of Squishmallows are 'ideal Berkshire managers'
Read more »
Berkshire Hathaway Opens New Position in Capital One, Exits BNY MellonBerkshire Hathaway spent the first quarter opening a new position in Capital One and adding to its already large holdings of Bank of America and Apple
Read more »
Warren Buffett's Berkshire Hathaway sells entire stake in TSMC | CNN BusinessWarren Buffett’s conglomerate has sold its remaining shares in the world’s largest chipmaker, TSMC, after the “Oracle of Omaha” sounded alarms about its homebase of Taiwan.
Read more »
Buffett's Berkshire buys Capital One stock, sells TSMC, banks in Q1Warren Buffett's Berkshire Hathaway reveals a nearly $1 billion stake in Capital One - and confirms it sold Taiwan Semiconductor and 2 bank stocks last quarter
Read more »
Dresden museum jewel heist thieves jailed for years over robbery that shocked GermanyThe men were sentenced to prison for the brazen robbery of almost $130 million worth of jewels from Dresden's 300-year-old Green Vault museum.
Read more »