Buffett Bought 1.5 Million OXY Shares When Oil Prices Plunged

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Warren Buffett added more Occidental Petroleum ,oxystock for that Berkshire Hathaway ,BRKB) portfolios in recent days, as US oil prices fell to 15-year lows and energy stocks sold off.


That hasn’t stopped Buffett from buying OXY shares despite concerns about the SVB Financials crash in the oil market this week, sending US oil prices to their lowest levels since late 2021, with energy stocks falling Is.

Berkshire Hathaway bought nearly 8 million shares Occidental Petroleum this week, according to a regulatory filing late Wednesday. Following the purchase, Buffett now owns a 23% stake in the Houston-based energy stock, about 208 million shares.

Warren Buffett bought his OXY shares between Monday and Wednesday at prices of $56-$61 per share. Berkshire Hathaway bought nearly six million shares Occidental Petroleum stock at the beginning of the month. Buffett was on a spree to buy OXY shares through late 2022, with the billionaire investor targeting shares in the $57-$61.5 price range.

On Wednesday, US oil futures settled down 5.2% at $67.61 a barrel, prices not seen since December 2021. The sell-off in energy stocks came as the failure SVB Financial late last week and Signature Bank of New York on Sunday could worry other financial institutions. crash.

Occidental Petroleum closed down 3.4% at 56.80 on Wednesday. Buffett bought 1.5 million shares Occidental Wednesday at $56.66-$57.15. Shares of OXY rose 1.5% to around 57.63 in early market trading Thursday.

purlin ,cvx), another favorite Buffett’s, ended Wednesday down 4.3%.

Berkshire Hathaway owns $27 billion in Chevron stock.

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