Co-founder, Chairman, and CEO Warren Buffett of Berkshire Hathaway (NYSE:BRK.B) has upped the firm’s stake in oil giant Occidental Petroleum (NYSE:OXY) to 34%, according to an SEC filing. Berkshire accumulated around 15 million shares in December. The “Oracle of Omaha” now owns 327.5 million shares of Occidental worth $18.6 billion based on Occidental’s closing price on Wednesday.
Interestingly, Buffett had purchased over 10.4 million shares of Occidental for an aggregate price of $588.6 million following the company’s move to acquire Midland-based oil and gas producer CrownRock. The deal is expected to close in the first quarter of this year and will increase Occidental’s Permian Basin production capacity by 170,000 barrels of oil equivalent (boed) per day to 750,000 boed.
Berkshire Hathaway’s Insider Trading Record
Berkshire is one of the most popular insiders on TipRanks. TipRanks tracks and measures the performance of several financial experts and ranks them based on three key factors: success rate, average return, and statistical significance.
As per the data collected by TipRanks, Berkshire had only 22 profitable transactions out of 45 total transactions over the past year, with an average return of 0.2% per transaction.
