Legendary investor Warren Buffett’s Berkshire Hathaway (BRK.A) (BRK.B) continues to ramp up its stake in oil and gas giant Occidental Petroleum (NYSE:OXY). According to a Reuters report, Berkshire’s stake in Occidental has increased to 23.1% from 22.2% following the latest purchase.
As reported in an SEC filing, Berkshire purchased over 7.89 million additional shares of Occidental in multiple transactions between March 13 and March 15. These transactions were made at prices ranging from $56.6641 to $61.2856, for a total value of $466.6 million.
Earlier in March, Berkshire purchased over 5.8 million shares of the company. The transaction was made at prices ranging from $59.80 to $61.90, for an aggregate price of $355 million.
Following the latest transaction, the total value of OXY shares in Berkshire’s portfolio currently stands at $12.5 billion. As per the data collected by TipRanks, Berkshire has had a 49% success rate in its 78 transactions in the past three months, with an average return of 2.7% per transaction.
Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is OXY Still a Good Stock to Buy?
On TipRanks, OXY stock has a Moderate Buy consensus rating based on nine Buys, five Holds, and one Sell. The average price target of $73.07 implies 28.6% upside potential. The stock is down 6.7% so far in 2023.
Moreover, Occidental sports a top-notch Smart Score of “Perfect 10” on TipRanks, which implies it has the potential to outperform the broader market averages.
