New Buffett Buy Alert: $OXY
New Buffett Buy Alert: $OXY
He now owns 23% of Occidental Petroleum
Warren Buffett, after a 5 month hiatus, is back to buying oil giant OXY 0.00%↑. Just now he disclosed purchasing another 8,000,000 shares for a price of ~$58/share . This is his first disclosure since last quarters filings.
Here is where the buy gets interesting. Last August, Berkshire received regulatory approval to buy up to 50% of OXY 0.00%↑ , creating speculation that he may buy the majority of shares in the oil giant. With this latest purchase he now owns 23% of the company. And with oil hitting a 2 year low, it appears to be him “buying the dip”
Stock: Occidental Petroleum
Action: Buy
Amount: 8,000,000 shares
New Portfolio Allocation: 4.5%
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 Saint Patricks Day weekend!