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Warren Buffett’s Berkshire Hathaway (NYSE:BRKa) continues to add to its Occidental Petroleum (NYSE:OXY) position on recent sector weakness related to fears about a recession.
Late Thursday, Berkshire disclosed buying another 4.3 million shares worth about $250 million based on current prices.
The latest purchase brings the firm’s stake to 179,741,891 shares. Berkshire also owns warrants that cover another 83,858,848 shares, with an exercise price of $59.62, and 100,000 preferred shares.
Wall Street analysts have recently speculated that Buffett and Berkshire could buy the remaining two-thirds of Occidental that they don’t own once the company becomes investment grade.
Shares of Occidental are down 22% from their late May 2022 peak.
