Warren Buffett is back to buying up one of his favorites stocks, and while he maintains that Berkshire Hathaway (BRK.B) has no plans to own 100% of this company -- like it does several others -- the firm still has room to buy a lot more.
On Thursday, Berkshire disclosed that it had acquired 3.46 million more shares of Occidental Petroleum (OXY) for about $201 million between May 16 and May 18.
DON'T MISS: Berkshire Hathaway: Buffett Does Not Want to Buy Occidental Petroleum
Berkshire has purchased Occidental for the previous six trading days, paying about $327 million for the shares and raising its stake in the oil company to 24.4%.
All told, Berkshire owns about 217.3 million shares of Occidental worth about $12.7 billion.
Earlier this month, Buffett told the crowd at Berkshire Hathaway's annual shareholder meeting that the company does not want to acquire enough shares to take control of the company.
“There’s speculation about us buying control, we’re not going to buy control,” Buffett said. “We wouldn’t know what to do with it.”
Berkshire received regulatory approval to buy up to a 50% stake in Occidental Petroleum last August.
Berkshire does own 100% of auto insurer Geico; railroad operator BNSF Railway; luxury plane company NetJetds and retailers See's Candies; and fast food chain Dairy Queen.
Occidental is one of Buffett's new obsessions after his firm started purchasing shares in the company in February 2022, shortly after Russia invaded Ukraine.
Shares of Occidental were up 3% to $59.99 in early market trading Friday.
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