Sunday, May 19, 2024
HomeTraditional FinanceStock MarketBerkshire Hathaway Invests $355M in Occidental Petroleum

Berkshire Hathaway Invests $355M in Occidental Petroleum

Berkshire Hathaway, the investment company headed by legendary investor Warren Buffett, has made a substantial investment in Occidental Petroleum. According to a recent SEC filing, Berkshire Hathaway purchased nearly 5.8 million shares of Occidental (OXY) over the course of three days, bringing its stake in the oil company to approximately 22%. The shares were bought at prices ranging from $59.80 to $61.90.

With this latest investment, Berkshire Hathaway’s stake in Occidental is now worth $12.2 billion, based on Tuesday’s closing price of $60.85 per share. The investment is expected to generate around $144 million in annual dividends for Buffett’s company, thanks to Occidental’s increased payout, which was announced last month.

In addition to the common shares, Berkshire Hathaway also holds $10 billion worth of Occidental preferred stock, as well as warrants to buy another 83.9 million common shares for $5 billion. This makes Occidental one of Berkshire Hathaway’s top 10 holdings.

Occidental’s stock price more than doubled last year, making it the best performing stock on the S&P 500. The company has been actively working to reduce its debt load and streamline operations, and these efforts have been well received by investors.

Investing in Occidental is a strategic move for Berkshire Hathaway, as the company looks to continue to diversify its portfolio and invest in companies with strong potential for growth. With its substantial investment in Occidental, Berkshire Hathaway is positioning itself to benefit from the company’s continued success in the years to come.

What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0

Disclaimer: The information provided on coinvinance.biz is for educational and informational purposes only and should not be construed as financial advice. Coinvinance.biz does not provide any investment advice or recommendations. Any investment decision you make is solely your responsibility. Please conduct your own research and consult with a licensed financial advisor before making any investment decisions. Coinvinance.biz is not responsible for any financial losses that may result from your use of the information provided on this website.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_imgspot_imgspot_imgspot_img

Most Popular

Recent Comments