29.1 C
Delhi
Saturday, August 20, 2022

US Moves to Bolster Mobility of Ukrainian Forces

https://ift.tt/PnTCw4U Ukrainian military's push to "hollow out"...

Islamic State Cell Member Sentenced to Life in Prison in US for Beheadings

https://ift.tt/zRHlj8x member of an Islamic State cell...

More than 200 US Officials Urge Biden to Meet Refugees Goals

https://ift.tt/FIiUzvw than 200 state and local officials...

Warren Buffett’s Berkshire Hathaway owns nearly $11 billion worth of Occidental Petroleum stock 

Warren Buffett’s Berkshire Hathaway now owns nearly $11 billion in Occidental Petroleum after buying an additional 1.9 million shares last week.

Warren Buffett’s Berkshire Hathaway now owns nearly $11 billion in Occidental Petroleum after buying an additional 1.9 million shares last week.

The latest stock purchases, worth nearly $117 million, that Berkshire reported to the Securities and Exchange Commission on Monday, give the Omaha, Nebraska-based conglomerate control of a 19.4 percent stake in the oil producer.

Berkshire is fast approaching ownership of more than 20 percent of Houston-based Occidental.

At that point, Berkshire could start reporting a pro rata share of Occidental’s profits in its own income statements, which would significantly boost Berkshire.

Berkshire bought more than $1.3 billion worth of Occidental shares this month alone, and now holds nearly 181.7 million shares.

In addition to its current stake in Occidental, Berkshire holds warrants to buy an additional 83.9 million shares at $59.62 apiece, which it received in 2019 when it helped finance Occidental’s purchase of Anadarko.

Berkshire also owns 100,000 preferred shares in Occidental, which pay an 8% dividend.

Shares of Occidental gained more than 1.4 percent to trade at $60.91 on Tuesday. Berkshire buys stocks when they trade below $60. Last week’s last purchases were completed at prices between $56.14 and $59.67.

In addition to Berkshire’s investment portfolio, which is dominated by a massive Apple stake, the conglomerate directly owns more than 90 companies, including Geico Insurance, BNSF Railroad, several major utilities, and an eclectic assortment of manufacturing and retail businesses.

Support Us

Secured by Paypal

Related Stories

Check out other tags:

Most Popular Articles