Warren Buffett shakes off recession fears as he piles another $216 million into Occidental Petroleum stock
Buffett's conglomerate scooped up nearly 3.7 million shares, boosting its stake to almost 212 million shares or 23.6% of the oil-and-gas company. Occidental stock rose 3% in premarket trading Tuesday, after the news., a Markets Insider analysis shows.
The vote of confidence from Buffett, coupled with Russia's invasion of Ukraine causing energy prices to spike, helped drive Occidental stock up 117% last year, making it the S&P 500's best performer of 2022.Occidental shares a few weeks ago after a five-month hiatus. It may be buying on weakness, as the energy stock has tumbled 23% from its August peak to trade around $60 as of Monday's close. Berkshire's stake is worth $12.6 billion at that price.
Buffett praised Occidental CEO Vicki Hollub early last year for paying off the company's debts and ramping up returns to shareholders."She's running the company the right way," he
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