Warren Buffett’s Berkshire Hathaway buys more Occidental Petroleum stock

Yahoo Finance Live anchors discuss Berkshire Hathaway buying more Occidental Petroleum stock.

Video Transcript

JULIE HYMAN: Occidental Petroleum, that's it, getting a boost after another buy from none other than Warren Buffett. He just keeps adding, and adding, and adding here. The Oracle of Omaha's Berkshire Hathaway purchased an additional $44 million worth of shares in Oxy here. So now, it looks like 16.4% of the outstanding shares is what he owns. This latest purchase about 794,000 is what it was.

And interesting, Neal Dingmann over at Truist saying, we could see an outright buy of Occidental by Berkshire Hathaway at some point with all of this adding and adding. It's also interesting given what we just heard from Liz Young that Buffett still sees value in Oxy.

BRIAN SOZZI: Big B. Betting, essentially, on no recession happening. And then secondarily, maybe, we'll be slower to adopt electric vehicles than many people expect. I mean, out there aggressively buying Occidental Petroleum, if you believe we'll be all EV driving consumers in the next five years.

BRAD SMITH: You know, it's interesting the ownership as well, the structure that you're seeing here of the total kind of outstanding shares for Occidental at this point. Institution is still hold on to about 66% of it. But the corporations-- public corporations, it is all accounted for, essentially, by Berkshire Hathaway sitting at about 16% of that ownership. And so that's particularly interesting here. And where-- in terms of the conversation that we had with Liz, where there might be some profit taking, where Berkshire Hathaway and Warren Buffett are saying, oh, no, we're still buying in at this point.

JULIE HYMAN: Yes, exactly. And I think, if I'm not mistaken, Occidental is the best performer in the S&P 500 this year.

BRIAN SOZZI: Because of Buffett.


BRIAN SOZZI: Big B getting it done.

JULIE HYMAN: Yeah, exactly.