Berkshire Hathaway Inc has increased its stake in Occidental Petroleum to 16.4%, acquiring over 795,000 shares valued at approximately $9 billion. This move comes as Occidental's stock experiences a 4.2% uptick, fueled by a robust quarterly free cash flow of $2.4 billion and year-to-date returns of 85.19%. Despite earlier volatility, Berkshire's investment underscores confidence in Occidental's strong financial performance and potential for significant earnings growth.
“Occidental Petroleum · grew · OXY · +5%”
“Warren Buffett's Berkshire Hathaway Inc · raised its stake in · Occidental Petroleum Corp”
“Occidental · is aided by · acquisition of Anadarko · which expanded its operation in Permian Basin”
“Occidental Petroleum · stock rose · percentage · 4.2%”
“Occidental Petroleum · is a · multinational oil and gas exploration company · true”
“Occidental Petroleum (NYSE:OXY) · had · $2.4 billion in latest quarterly free cash flow”
“Occidental Petroleum · stock rose · 4.2% · 4.2%”
“Occidental Petroleum Corporation · has a PE ratio of · as of June 24 · 8.69”
“Occidental Petroleum Corporation · has year-to-date returns of · 2022 · 85.19%”
“Berkshire Hathaway · is the top shareholder in · Occidental Petroleum Corporation · one-third of the company”
“OXY · fell · percentage · 25%”
“Occidental Petroleum · stock rose · percentage · 4.2%”