Famed billionaire investor Warren Buffett, the man behind Berkshire Hathaway, snapped up several million more shares of Occidental Petroleum this week, boosting his stake in the company beyond 25%.
The holding company said in an SEC filing that, between June 26 and 28, it spent roughly $122.1 million for 2.14 million shares of the company. This latest round of acquisition comes just a month after Berkshire picked up more than 4.5 million shares of (OXY) on May 30.
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As of March 31, Berkshire had a 24.9% stake in Occidental worth nearly $13 billion that made up around 3.5% of its portfolio.
Berkshire, according to Reuters, began picking up shares in Occidental in 2022, around the beginning of Russia's invasion of Ukraine. The conglomerate additionally helped finance Occidental's acquisition of Anadarko Petroleum in 2019.
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"We will not be making any offer for control of Occidental," Buffett said at Berkshire's annual shareholder meeting in May. "We love the shares we have. We may or may not own more in the future but we certainly have warrants on a very substantial amount of stock. I'm glad we have them."
Occidental reported a 48% year-over-year drop in income for its first quarter of 2023, reporting earnings of $1.09 per share, missing analyst estimates of $1.24 and coming in at more than a dollar below the company's EPS for the same quarter in 2022.
Occidental's stock, opening June 29 at $58.20 per share, is down more than 8% for the year so far.
