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Tuesday, December 06, 2022

Warren Buffett buys new shares of Occidental Petroleum

Warren Buffett buys new shares of Occidental Petroleum

Warren Buffett keep buying stock Occid. petrol corps for your portfolio Berkshire Hathaway, was for last purchase $5.99 millionby increasing his stake in the firm 20.9% According to Jonathan Stempel y Akriti Sharma en Yahoo Finance.

The purchase was made between 26 and 28 September and was priced around . Was $352 millionBerkshire said in a regulatory filing on Wednesday.

After the purchase, Berkshire now owns approx. 194.4 million accidental shares worth approximately $11.9 billionBased on Wednesday’s closing price of $61.41 for Occidental.

It had been seven weeks since Berkshire’s previous purchase of Occidental shares raised its stake to above 20%.

The stock price of the Houston-based oil company hit a high of $77.11 on Aug. 29, before falling amid widespread weakness in US stock markets. Berkshire paid between 50 and 60 per share on the purchase this week.

Occidental’s share price has more than doubled this year, making gains rising oil prices After the Russian invasion of Ukraine on 24 February.

Berkshire’s stake would allow Buffett’s group, based in Omaha, Nebraska, to Report your proportionate share of Occidental’s profits along with your own operating resultsthrough the so-called Equity Method of Accounting,

In August, a US energy regulator. Berkshire to purchase up to 50% of Occidental’s common stock.

Berkshire also owns $10 billion in Occidental preferred stockthat produces $800 million annual dividend,

Warren Buffett Buys New Shares Of Occidental Petroleum

Occid. petrol corps The session on Wednesday closed at $61.90 and the price is near the 70 and 200 period moving averages. Meanwhile, the EI indicators are mostly bearish.

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