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
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
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