Berkshire's Acquisition Frenzy Boosts Occidental, Sirius XM, and VeriSign Stocks
Investing.com -- Occidental Petroleum (NYSE:OXY), Sirius XM Holdings (NASDAQ:SIRI), and VeriSign (NASDAQ:VRSN) shares rose during trading following news that Berkshire Hathaway increased its investments in these companies. The investment conglomerate led by Warren Buffett is actively buying shares, as reported in the latest Form 4 filings submitted to the Securities and Exchange Commission.
Occidental Petroleum's stock rose by 2.25% after Berkshire Hathaway purchased approximately 8.9 million shares with an investment of around $409 million. This transaction raised Berkshire's stake in the energy company to over 28%, bringing its total shareholding to 264.2 million shares. This acquisition reflects Berkshire's confidence in Occidental Petroleum and contributes to a positive sentiment among investors.
Similarly, Sirius XM Holdings' stock price increased by 2%. Berkshire took advantage of a recent decline in the satellite radio company's stock price, purchasing around 5 million shares for approximately $107 million. Despite Sirius XM’s stock hitting a new 52-week low and experiencing a drop of more than 18% this month, Berkshire's move indicates bullish expectations.
VeriSign's stock saw a modest increase of 0.1% after Berkshire added approximately 234,000 shares to its portfolio for about $45.4 million. Berkshire's total shareholding in the internet infrastructure company now stands at around 13 million shares, valued at approximately $2.5 billion, which represents more than 13% of the company.
Purchases in all three companies were made between Tuesday and Thursday and needed to be disclosed swiftly due to Berkshire's ownership exceeding 10% in each firm. The acquisition activity by Berkshire Hathaway is generally perceived as a sign of confidence in the future of these companies, encouraging similarly strategic moves by other investors.
News regarding Berkshire Hathaway's investments comes at a time when the market is closely watching the actions of leading investors. While the context of the purchases might have been provided through a company press release, the market reaction, as reflected in the stock movements of Occidental, Sirius XM, and VeriSign, was undoubtedly positive.