OMAHA, Neb.—Warren Buffett’s company has bought up more than $11 billion worth of Occidental Petroleum stock this year, giving Berkshire Hathaway control of more than 20 percent of the oil producer.
Occidental’s stock rose more than 3.5 percent on Tuesday to $62.18 after Buffett revealed his latest purchases of nearly 6.7 million Occidental shares worth more than $400 million.
Wall Street follows Buffett’s actions closely, including his investments in Occidental Petroleum. Its shares have more than doubled in price this year.
Berkshire has repeatedly acquired shares of the Houston driller whenever the stock falls below $60 in recent months. Buffett also dropped more than $20 billion on Chevron stock in the first quarter of this year and took advantage of the surge in oil prices after Russia invaded Ukraine. Berkshire’s Chevron stake is worth more than $24 billion….