Berkshire started aggressively buying Occidental shares in early 2022 and even secured permission from U.S. Federal Energy Regulatory Commission stock in August to be able to own up to 50% of its common. However, the recent accumulation of additional shares was the first one for the multinational company in five months.

At the moment, Berkshire owns 200.2 million Occidental shares that are worth $12.44 billion based on Wednesday’s closing price of $62.17 per share. Occidental recently increased its annual dividends rate from $0.52 to $0.72 per share, meaning that Berkshire’s stake will generate $144.14 million in annual dividends. In addition, Berkshire owns Occidental preferred stock at a value of $10 billion.

Occidental Petroleum shares have seen a significant surge in the past year, benefiting from increased demand for oil, gas, and other energy resources. The stock more than doubled in 2022 before experiencing nominal stability in 2023. Based on this week’s price, the shares are 1.8% up year-to-date.

The post Berkshire Hathaway Buys More Occidental Petroleum Shares to Increase its Stake to 22.2% appeared first on theprimarymarket.com.

Berkshire started aggressively buying Occidental shares in early 2022 and even secured permission from U.S. Federal Energy Regulatory Commission stock in August to be able to own up to 50% of its common. However, the recent accumulation of additional shares was the first one for the multinational company in five months.

At the moment, Berkshire owns 200.2 million Occidental shares that are worth $12.44 billion based on Wednesday’s closing price of $62.17 per share. Occidental recently increased its annual dividends rate from $0.52 to $0.72 per share, meaning that Berkshire’s stake will generate $144.14 million in annual dividends. In addition, Berkshire owns Occidental preferred stock at a value of $10 billion.

Occidental Petroleum shares have seen a significant surge in the past year, benefiting from increased demand for oil, gas, and other energy resources. The stock more than doubled in 2022 before experiencing nominal stability in 2023. Based on this week’s price, the shares are 1.8% up year-to-date.

The post Berkshire Hathaway Buys More Occidental Petroleum Shares to Increase its Stake to 22.2% appeared first on theprimarymarket.com.