Why Warren Buffett Just Bought 10 Million Shares Of This Stock!

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Occidental Petroleum Corporation OXY Stock, together with its subsidiaries, engages in the acquisition, exploration, and development of oil and gas properties in the United States, the Middle East, Africa, and Latin America. It operates through three segments: Oil and Gas, Chemical, and Midstream and Marketing. The company’s Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas. Its Chemical segment manufactures and markets basic chemicals, including chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates, and calcium chloride; vinyls comprising vinyl chloride monomer, polyvinyl chloride, and ethylene. The Midstream and Marketing segment gathers, processes, transports, stores, purchases, and markets oil, condensate, NGLs, natural gas, carbon dioxide, and power. This segment also trades around its assets consisting of transportation and storage capacity; and invests in entities. Occidental Petroleum Corporation was founded in 1920 and is headquartered in Houston, Texas.

Warren Buffett's Berkshire Hathaway (BRK.A) disclosed it purchased an additional 9.9 million Occidental Petroleum (NYSE:OXY) shares last week as the billionaire continued to add his position in the oil company.

Buffett purchased the 9.9M shares for about $584 million at average price of $58.98 from Wednesday through Friday and now owns a total of 163.4 million shares, giving Berkshire a stake of 17.4%, according to a Form 4 filing. Berkshire paid in the range of $57 to $60 a share.

The latest disclosure comes after Berkshire Hathaway disclosed in a regulator filing on Monday that it had bought an additional $44M worth of shares in the company.

Berkshire (BRK.A) (BRK.B) is Occidental's (OXY) largest individual shareholder with ~163.4 shares worth more about $9.9- billion\, based on OXY's Friday close at $60.44, with options to buy another 83.9M shares that would bring its stake to more than 25%.

Truist analyst Neal Dingmann last month said there's a "good chance" Buffett eventually will buy the whole company when it achieves investment-grade status and he raised his price target to $93.

In the first quarter, Berkshire (BRK.A) purchased ~$7.0b worth of the Occidental. Buffett noted at the Berkshire annual meeting in early May that he was able to buy 14% of the petroleum refiner over only a two-week period.

Buffett offered few insights into oil markets (USO) at Berkshire Hathaway's annual gathering in May, rather indicating that he'd read a report on Occidental (OXY) over a weekend and felt the CEO was simply running the company well.

Berkshire's Buffett first disclosed a more than $5 billion stake in Occidental (OXY) back in March.

Buffett's bet on Occidental (OXY) may continue to pay off as global oil prices could climb to a climb to a "stratospheric" $380/bbl the G7 nations succeed in imposing caps on the price of Russian oil and prompt Vladimir Putin to inflict retaliatory production cuts, J.P. Morgan Chase analysts warned this week.

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