Occidental Petroleum's stock rallied Tuesday as the oil and gas company got further support from Warren Buffett and from a Wall Street analyst.
Shares of Occidental Petroleum Corp. rallied Tuesday after the oil and gas exploration and production company got further support from Warren Buffett and from a Wall Street analyst.
A Form 4 filing with the Securities and Exchange Commission showed that Warren Buffett’s Berkshire Hathaway Inc. BRK.B BRK.A has spent $216.2 million on Occidental shares over the past week, increasing its investment to about $13 billion. Berkshire’s most recent purchases of Occidental included 1.88 million shares at a weighted average price of about $58.65 on March 23, and 1.79 million shares at a weighted average price of $59.32 on March 27.
It also owns 83.86 million warrants to purchase common stock at an exercise price of $59.624, along with 100,000 shares of Series A preferred stock.
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