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Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) has resumed purchases of Occidental Petroleum (NYSE:OXY) shares, raising its stake in the oil company to ~22%, an SEC filing showed Tuesday.
Warren Buffett’s company paid ~$355M for nearly 5.8M Occidental (OXY) shares in a series of trades on Friday, Monday and Tuesday, at prices in the $59.80-$61.90 range, according to the filing.
Berkshire (BRK.A) (BRK.B) now owns 200.2M Occidental (OXY) shares worth $12.2B based on Tuesday’s $60.85 closing price.
Buffett’s shares would generate ~$144M of annual dividends, following Occidental’s (OXY) increased payout announced last month.
Berkshire (BRK.A) (BRK.B) also owns $10B worth of Occidental (OXY) preferred stock as well as warrants to buy another 83.9M common shares for $5B.
Occidental (OXY), which is now among Buffett’s top 10 holdings, more than doubled in price last year and was the top performing stock on the S&P 500.
