What banking crisis? Warren Buffett's Berkshire Hathaway spends close to $500 million on Occidental stock in 3 days
revealed on Wednesday. Buffett's conglomerate scooped up 7.9 million shares of the oil-and-gas company, boosting its stake to 208 million shares or 23.1%., a Markets Insider analysis shows. Buffett's interest helped propel the energy stock nearly 120% higher last year, making it the S&P 500's best performer of 2022.Occidental shares earlier this month after a five-month hiatus.
Occidental's stock price has slumped 9% over the past five trading days alone, likely because Silvergate, Silicon Valley Bank, and Signature Bank have all folded in recent days, fueling concerns that other banks could follow. Buffett famously recommends investors"be greedy when others are fearful," and appears to be taking his own advice.
The Berkshire chief prizes Occidental's domestic foothold and the fact it's paying off debts, distributing dividends, and repurchasing shares, CEO Vicki Hollub . The spike in energy prices last year, fueled by the Russia-Ukraine war, has also inflated Occidental's profits.
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