Occidental Shares Surge as Buffett's Berkshire Adds $409 Million in Latest Trades

Occidental Petroleum shares rose 2.3% in pre-market trading on Friday after Warren Buffett's Berkshire Hathaway significantly increased its stake in the energy company. In a series of transactions that could indicate confidence in the undervalued stock, Berkshire Hathaway purchased additional shares worth $409 million.

This marks the first purchase of Occidental Petroleum shares since June, when the stock had lost 24% year-to-date due to falling oil prices. The buying frenzy, indicating Berkshire's first expansion of its Occidental position since June, occurred between December 17 and December 19, 2024. During this period, Berkshire Hathaway acquired 8,905,890 shares at prices ranging from $45.5458 to $46.9172 through its subsidiary National Indemnity Company.

With the latest acquisitions, Berkshire Hathaway's stake in Occidental has now reached approximately 264 million shares, reaffirming its position as a major investor in the company. This move aligns with Buffett's investment strategy in sectors such as energy and transportation, complementing Occidental's focus on crude oil and natural gas extraction.

As Occidental Petroleum shares respond positively to one of the world's most recognized investors making this significant investment, the market will closely watch whether this endorsement will create further upward momentum in the stock's valuation.