Occidental Petroleum Corporation (NYSE:OXY) stock is moving higher on Tuesday after Berkshire Hathaway increased its stake in the company.
What Happened: On Monday, Berkshire Hathaway in a form4 disclosed that it purchased about 2.9 million additional shares.
Berkshire Hathaway purchased these shares at an average price of $59.70.
Prior to Monday, the company had already filed twice in June with the SEC where it indicated similar purchases. The first form showed a purchase of approximately 2.5 million shares and the second showed 1.7 million shares.
According to Reuters, the latest purchase brings Berkshire Hathway’s total stake in the company to about 29%, worth around $15.37 billion.
Related Link: Prudent Investors Pay Attention To Canary In Coal Mine – Oblivious Momo Crowd Supporting The Market
OXY Price Action: At the time of writing, Occidental Petroleum Corporation shares are trading 1.36% higher $61.02, according to data from Benzinga Pro.
Image: Image via Shutterstock
