110% jump in a year! "Warren Buffett continues to "sweep" Western oil
Warren Buffett's Berkshire Hathaway (NYSE:BRKa) has increased its stake in Occidental Petroleum (NYSE:OXY) by another 5.9 million shares, further increasing its bet on the oil giant, media reported Wednesday.
The Occidental shares were bought on May 2 and May 3 at prices ranging from $56 to $58.37 per share, at a total cost of more than $330 million, according to documents filed by Berkshire on Wednesday. Previously, Berkshire held about 14.6 percent of Occidental common stock.
Occidental was the best-performing stock among S&P 500 components in the first quarter of this year, benefiting from Warren Buffett's continued buying and rising oil prices.
Occidental rose 3.9 percent to $61.57 as of Wednesday's close. So far this year, Occidental shares have gained 112%.
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