Warren Buffett's Berkshire Beefs Up Occidental Stake To Nearly 28% After Oil Producer's $12B CrownRock Mega-Deal
Portfolio Pulse from Shanthi Rexaline
Berkshire Hathaway, led by Warren Buffett, has increased its stake in Occidental Petroleum to nearly 28% following Occidental's $12 billion acquisition of CrownRock L.P. Berkshire purchased additional shares of Occidental over three days, totaling $312.09 million. Berkshire now holds 243.7 million shares, and also has preferred shares convertible to 83.9 million shares at $59.624 each. Despite the increased stake, Buffett has stated he does not intend to acquire Occidental.
December 22, 2023 | 4:57 am
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POSITIVE IMPACT
Berkshire Hathaway's increased investment in Occidental Petroleum reflects confidence in the oil company's prospects, potentially signaling a positive outlook to investors.
Berkshire Hathaway's additional purchase of Occidental shares indicates a strong belief in the company's value and future performance. This could lead to increased investor confidence in Berkshire's stock in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Occidental Petroleum's stock may see a positive short-term impact from Berkshire Hathaway's increased stake, signaling strong backing from a major investor.
The news of Berkshire Hathaway's significant investment in Occidental Petroleum could lead to increased investor confidence and a potential rise in Occidental's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100