Occidental Stock Rose Wednesday on Heavy Volume. Was Warren Buffett Buying? | OXY Message Board Posts


Occidental Petroleum Corporation

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Msg  347 of 381  at  3/10/2022 6:14:00 PM  by

jerrykrause


Occidental Stock Rose Wednesday on Heavy Volume. Was Warren Buffett Buying?

Occidental Stock Rose Wednesday on Heavy Volume. Was Warren Buffett Buying?

Barron's (Online); New York
 
 
 

Occidental Petroleum shares rose sharply on Wednesday, bucking weakness in the energy sector on very heavy volume, amid speculation that Warren Buffett was adding to Berkshire Hathaway's large stake in the energy company.

Shares of Occidental (ticker: OXY) gained 5.3%, to $57.50, on Wednesday, continuing its recent rally and running counter to the rest of the energy sector as the Energy Select Sector SPDR exchange-traded fund (XLE) declined 3%, to $75.17, and industry leader Exxon Mobil (XOM) fell 5.7%, to $82.79.

Energy stocks Wednesday came under pressure as oil retreated about $15 a barrel, to $108.70, based on West Texas Intermediate crude.

Berkshire Hathaway (BRK.A and BRK.B) was a big buyer of Occidental last week, ending Friday with 91 million shares, or nearly 10% of the company , after purchasing over 60 million shares on Wednesday through Friday. Berkshire also owns warrants on 83.9 million shares of Occidental with an exercise price of $59.62 that it received when it invested $10 billion in Occidental 8% preferred stock in 2019.

Trading volume was very heavy in Occidental Wednesday at 134 million shares, well above the daily average of about 20 million shares over the past year and higher than the 101 million on Friday, when Berkshire bought about 34 million shares and helped drive up the stock by 16%.

If Berkshire was a buyer Wednesday, it would need to report that activity by Friday because holders of more than 10% of a company are required to report changes within two business days. Between the stock and warrants, Berkshire owns more than 10% of Occidental.

The recent Occidental buying was uncharacteristically impulsive by Berkshire CEO Buffett who normally accumulates stock quietly over time.

Berkshire did not respond immediately to a request for comment.

In premarket trading Thursday, shares of Occidental were up slightly.

 


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