Occidental Petroleum Corp (NYSE:OXY) shares are trading higher Thursday after Warren Buffett disclosed the purchase of approximately 9.55 million shares at an average price of $55.36.
According to a Form 4 filing with the U.S. Securities and Exchange Commission, Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) purchased around 9.55 million additional shares of Occidental Petroleum, bringing the company's total stake to 16.3% of the oil company.
The stock buys were made last week while Occidental shares were trading between $54.96 and $56.41. The total purchase amount was around $530 million. This comes after Berkshire invested more than $7 billion in the company earlier this year, including more than $300 million just last month.
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OXY Price Action: Occidental Petroleum shares are up nearly 100% year-to-date amid rising oil prices in the wake of Russia's invasion of Ukraine.
The stock was up 2.71% at $57.29 at press time, according to data from Benzinga Pro.
Photo: John R Perry from Pixabay.
