Warren Buffett added Random oil and gas (OXY) his shares Berkshire Hathaway (BRKB) portfolio in recent days, as US oil prices slid to 15-year lows and energy stocks sold off.
X
Buffett wasn’t prevented from buying OXY stock even when concerns about the collapse of SVB Financial spilled into the oil market this week, pushing US oil prices to their lowest levels since late 2021 with reduced energy inventories.
Berkshire Hathaway bought about 8 million shares of Occidental Petroleum this week, according to a regulatory filing late Wednesday. After the purchase, Buffett now has a 23% stake in Houston-based energy stock, about 208 million shares.
Warren Buffett bought his OXY shares Monday through Wednesday at prices ranging from $56-$61 per share. Berkshire Hathaway bought about six million shares of Occidental Petroleum earlier this month. Until the second half of 2022 Buffett is buying OXY stockwith billionaire investors targeting stocks in the $57-$61.5 price range.
On Wednesday, US oil futures fell 5.2% to $67.61 a barrel, Unseen prices since December 2021. Energy stocks sold off widely as the collapse of SVB Financial last weekend and Signature Bank of New York on Sunday stoked fears other financial institutions could collapse.
Occidental Petroleum closed 3.4% lower, at 56.80, on Wednesday. Buffett bought 1.5 million shares of random Wednesday at prices ranging from $56.66-57.15. OXY stock rose 1.5% to about 57.63 early Thursday during the market trade.
letter V (CVX), another Buffett favorite, ended Wednesday down 4.3%.
Berkshire Hathaway owns $27 billion in Chevron stock.
Please follow Kit Norton on Twitter @KitNorton for more insurance.
YOU MIGHT ALSO LIKE:
Top funds buy into No. 1 industry leader near breakout with 364% growth
Gain an edge in the stock market with IBD Digital
Tesla shares in 2023: The EV giant faces different challenges in its two supermarkets
SVB Financial collapsed 15 years after Bear Stearns. How has the Federal response changed?
Futures rise as Credit Suisse mines $54 billion from Swiss Central Bank
