Occidental Petroleum shares have been under pressure recently, and Berkshire Hathaway maintained its large stake in the energy company, according to a filing late Wednesday.
Berkshire Hathaway’s stock position remains unchanged at a 27.7% stake in Occidental.
Occidental shares closed Wednesday at $56.80, down 1.2%, their lowest close…
Occidental Petroleum shares have been under pressure recently, and Berkshire Hathaway maintained its large stake in the energy company, according to a filing late Wednesday.
Berkshire Hathaway
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The stock position remains unchanged at a 27.7% stake in Occidental.
Occidental shares closed Wednesday at $56.80, down 1.2%, the lowest closing price of 2024. The stock is down more than 3% so far this week amid a sell-off in energy stocks with the price of West Texas Intermediate crude falling more than $2 annually. per barrel to about $71.25 per barrel as of Wednesday.
Occidental shares rose 0.9% in early trading on Thursday.
A filing by Occidental late Wednesday showed that Berkshire retained its stake as of Dec. 31.
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Berkshire Hathaway CEO Warren Buffett began accumulating Occidental shares in early 2022, and Berkshire now owns about $13.9 billion of the company. Its average cost for the bulk of its holdings has been in the mid-50s, meaning Berkshire likely won’t make much profit.
Buffett has been disciplined about his purchases of Occidental and generally paid less than $60 per share. He rushed to buy the stock whenever it dipped below $60 in the past year.
Corrections and amplification: Berkshire Hathaway retained its 27.7% stake in Occidental Petroleum. An earlier version of this article incorrectly stated that Berkshire increased its stake to 34%.
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Write to Andrew Barry at andrew.bary@barrons.com