New Buffett buy alert: bought $OXY 🛢️
He now owns 25.2% of Occidental Petroleum
*Apologies for us being a bit quiet over the last month. Our two writers have been traveling for an early Summer vacation. We will get back to our regularly posting schedule soon :)
Warren Buffett continues to be bullish on oil giant Occidental Petroleum. over the last three days, he disclosed purchasing another 12,000,000 shares for a price of ~$51/share . This is his first disclosure since last quarters filings.
This seems in line with what the market thought he’d do. Remember back in August where Berkshire received regulatory approval to buy up to 50% of OXY 0.00%↑ ? Well since that approval he’s bought 3 separate times and appears to be half way towards that 50% mark.
Official Trade:
Stock: Occidental Petroleum
Action: Buy
Amount: 12,000,000 shares
New Portfolio Allocation: 5.5%
What is $OXY?
OXY is a diversified oil and gas operator with assets across all major energy-producing nations of the world. Assets include an E&P business, a chemicals business, and a midstream business.
In December, we wrote up a piece on why he began purchasing the oil company (which you can read here:
Because of this latest purchase, oil being at 2 year lows, and a potential “buy the dip” opportunity, our team will write up an updated stock analysis on OXY 0.00%↑ and will share with our premium subscribers early next week. Feel free to try out a 7 day free trial at the link here:
Take care & Happy Friday!
Hi, I dont get how he can buy these shares at an average of US$51 per share since his last quarters disclosure filings when the share price has not touched that low. It was last at US$51 in Apr22. Can you explain how this is done?