Home NewsStock Market News Occidental Oil was bought by the stock gods, and rose more than 8% in the intraday | Anue Juheng-US Stock Radar

Occidental Oil was bought by the stock gods, and rose more than 8% in the intraday | Anue Juheng-US Stock Radar

by WOOWinvest
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Occidental Petroleum (Occidental Petroleum) has climbed all the way after the news that Buffett’s Berkshire Hathaway (Berkshire Hathaway) has aggressively bought stocks a few days ago, rose more than 8% in intraday trading on Thursday (17th).

Buffett’s Berkshire Hathaway bought 18.1 million Occidental shares, accounting for 14.6% of Occidental’s outstanding shares, according to SEC filings.

In addition, according to Berkshire Hathaway’s public information, in addition to the $10 billion in preferred shares already held, it also invests in the common stock of Occidental Petroleum. Regulatory documents show that Berkshire Hathaway has spent at least $6.4 billion in Occidental Petroleum’s common stock. .

It’s unclear, however, whether Berkshire Hathaway’s recent aggressive buying of Occidental shares is using cash or selling shares including Chevron (CVX-US) to fund the acquisition.

There is speculation that Berkshire Hathaway has bought more than 100 million shares of Occidental since March 2, believing that Buffett may eventually want to buy the entire Occidental oil company.

Berkshire Hathaway bought Occidental Petroleum preferred stock in 2019 to help it acquire Anadarko Petroleum oil company for $35.7 billion, and the preferred stock can bring $800 million in annual dividends, and Berkshire Hathaway also has warrants , can buy $5 billion in Occidental shares at $59.62 per share.

Occidental Petroleum’s share price not only rose due to the blessing of the stock gods, on the other hand, the war between Russia and Ukraine caused the worry of crude oil supply interruption, which led to the rise of oil prices, and the company’s share price also rose with the tide.

In addition, Occidental Chief Executive Vicki Hollub said this month that supply chain problems and labor shortages are making it difficult for the company to increase production to meet demand. And Occidental is also trying to cut debt by more than half and raise shareholder dividends.

At the time of writing, Occidental Petroleum (OXY-US) shares rose 8.08% to $57.25 per share.

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