Warren Buffett’s Berkshire Hathaway Inc has bought another 5.9 million shares of Occidental Petroleum Corp, boosting its stake in the oil company to about 15.2 percent.
The purchases were made on Monday and Tuesday and cost about $336 million, Berkshire said in a regulatory filing on Wednesday night.
Following the purchases, Berkshire owned 142.3 million Occidental shares worth about $8.8 billion.
Shares of Occidental rose as much as 4.7 percent to $64.49, their highest since April 2019, in Thursday morning trading, as broader stock indexes declined.
The share price has more than doubled this year, benefiting from Berkshire’s purchases and rising oil prices following Russia’s invasion of Ukraine.
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