Warren Buffett's buying spree of Occidental Petroleum continues unabated, and Wall Street firm TD Cowen said investors should do the same.
Warren Buffett's buying spree of Occidental Petroleum is showing no signs of stopping, and Wall Street firm TD Cowen said investors should follow suit. Berkshire Hathaway purchased an additional 3.7 million Occidental shares for $216 million on Monday and last Thursday, boosting the conglomerate's stake in the Houston-based energy producer to 23.5%, a new regulatory filing showed. The legendary investor has been adding to his already-large stake this month — 7.
"Berkshire buying shows little evidence of slowing," TD Cowen said. "We see a superior risk-reward balance of superior exposure to crude pricing, capital structure shifts, captive buying support from Berkshire Hathaway, a favorable free cash yield, well productivity and a differentiated catalyst rich profile in a world of relatively homogeneity across E & Ps." In August, Berkshire received regulatory approval to purchase as much as a 50% stake.
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