FILE - Berkshire Hathaway Chairman and CEO Warren Buffett smiles during an interview, May 7, 2018, in Omaha, Neb. Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway's purchases of Occidental Petroleum stock for the first time in four months. Buffett's company said late Wednesday, Oct. 25, 2023 that it invested more than $246 million to add to its already massive Occidental stake.
Berkshire bought nearly 4 million more shares of the Houston-based oil producer to give it more than 228 million shares and control of nearly 26% of Occidental. Buffett has been consistently buying Occidental stock whenever the shares fell below $60 as he built Berkshire's stake since early last year, but this week he was willing to pay more than $63 for some of these new shares.
Clearly Buffett, Chevron and Exxon are all betting that oil will remain a significant source of the nation's fuel sources well into the future even as the United States works to transition more to renewable energy sources. Many investors like to follow Buffett's moves in the market because of his remarkably successful track record over the years. He doesn't comment on stock purchases like this beyond what he's required to disclose as a major shareholder, but Buffett typically handles all of Berkshire's biggest investments worth $1 billion or more. Berkshire's Occidental stake is now worth more than $14.4 billion.to buy up to 50% of Occidental, and Berkshire holds warrants to buy another 83.
Nederland Laatste Nieuws, Nederland Headlines
Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.
Bron: AP - 🏆 728. / 51 Lees verder »
Bron: ksatnews - 🏆 442. / 53 Lees verder »