Why Is Occidental Petroleum (OXY) Stock Trending Today?
Against an incredibly dour equities market backdrop, oil firm Occidental Petroleum (NYSE: OXY ) managed a positive return in the afternoon session. Still, OXY stock gyrated significantly to get there. Driving the kinesis for the hydrocarbon player was Warren Buffett. Through Berkshire Hathaway (NYSE: BRK-A , NYSE: BRK-B ), the legendary investor acquired just under 6 million shares of OXY. In doing so, Berkshire’s stake in the energy company is now 20.9%. According to regulatory filings, the conglomerate spent about $350 million on the purchases of OXY stock. The acquired per-share price ranged from $57.91 to $61.38. According to Barron’s , “Berkshire needs to file a form 4 with the Securities and Exchange Commission within two business days when it buys or sells stock in Occidental Petroleum because it holds more than 10% of the company.” Following the transactions, Berkshire holds 194.4 million shares of OXY stock, worth about $11.9 billion. In August of this year, “a U.S. energy regulator gave Berkshire permission to buy up to 50% of Occidental’s common stock,” according to a Reuters report.
Why Is Occidental Petroleum (OXY) Stock Trending Today?
Against an incredibly dour equities market backdrop, oil firm Occidental Petroleum (NYSE: OXY ) managed a positive return in the afternoon session. Still, OXY stock gyrated significantly to get there. Driving the kinesis for the hydrocarbon player was Warren Buffett. Through Berkshire Hathaway (NYSE: BRK-A , NYSE: BRK-B ), the legendary investor acquired just under 6 million shares of OXY. In doing so, Berkshire’s stake in the energy company is now 20.9%. According to regulatory filings, the conglomerate spent about $350 million on the purchases of OXY stock. The acquired per-share price ranged from $57.91 to $61.38. According to Barron’s , “Berkshire needs to file a form 4 with the Securities and Exchange Commission within two business days when it buys or sells stock in Occidental Petroleum because it holds more than 10% of the company.” Following the transactions, Berkshire holds 194.4 million shares of OXY stock, worth about $11.9 billion. In August of this year, “a U.S. energy regulator gave Berkshire permission to buy up to 50% of Occidental’s common stock,” according to a Reuters report.