Why Occidental Petroleum Corporation Shares Are Moving Higher Tuesday
Portfolio Pulse from Dylan Berman
Occidental Petroleum Corporation (NYSE:OXY) shares are moving higher after Berkshire Hathaway increased its stake in the company by purchasing an additional 2.9 million shares at an average price of $59.70. This brings Berkshire Hathaway's total stake in Occidental to about 29%, worth approximately $15.37 billion.
June 18, 2024 | 4:31 pm
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Occidental Petroleum Corporation shares are moving higher after Berkshire Hathaway increased its stake in the company by purchasing an additional 2.9 million shares at an average price of $59.70. This brings Berkshire Hathaway's total stake in Occidental to about 29%, worth approximately $15.37 billion.
The increase in Berkshire Hathaway's stake in Occidental Petroleum is a strong vote of confidence in the company, likely driving investor sentiment positively. The significant purchase at a price close to the current trading price suggests that Berkshire sees value at these levels, which can lead to a short-term price increase.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100