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Berkshire Hathaway Inc. (Warren Buffett) has announced they don't want to own all of Occidental Petroleum Corporation. They clearly have a price at which they're a buyer, though. In addition to Buffett, Occidental Petroleum's own repurchase of their shares makes for two very large customers in the market, both very interested at current prices. Occidental Petroleum Corporation has some highly profitable operations, making it a valuable long-term investment.
Having already boosted his Occidental Petroleum Corp. ( OXY , Financial) stake twice in May, Warren Buffett (Trades, Portfolio) revealed on Tuesday his firm increased the position once again, buying $275 million worth of shares.
Buffett has continued to buy more shares of Occidental for Berkshire Hathaway. The legendary investor likes Occidental's CEO and business prospects.
Warren Buffett's Berkshire Hathaway bought more Occidental Petroleum stock amid an ongoing slide in oil prices. Buffett purchased $275 million worth of Occidental over the past week, boosting Berkshire's stake in the oil producer to 24.9%.
Occidental's (OXY) increasing investment and Permian Basin focus are likely to have a positive impact on earnings. However, stringent regulation and the impact of inflation on construction materials are concerns.
Warren Buffett's Berkshire Hathaway increased its stake in Occidental Petroleum Corp. to about 25% over the past week.
Berkshire Hathaway bought 4.7 million shares in recent days and now owns 222 million shares of the energy company worth $13 billion.
Occidental (OXY) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
Warren Buffett's Berkshire Hathaway Inc. NYSE: BRK.B is continuing to shop in the Occidental Petroleum Corp. (NYSE: OXY) aisle, adding 3.46 million shares to his position. The new purchases, valued at over $200 million, took place between May 16 and 18.
Occidental currently makes most of its money producing oil and gas, making rising prices a significant catalyst for the stock. It's also investing money to grow its chemicals business and build a low-carbon platform.