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Warren Buffett buys another $127 mn worth of Occidental Petroleum stock
Investor Warren Buffett's company bought another $127 million worth of Occidental Petroleum stock over the past week to give Berkshire Hathaway 213.9 million shares of the oil producer.
Berkshire's latest filing with the Securities and Exchange Commission late Monday showed that it had bought another 2.2 million Occidental shares.
Buffett's Omaha, Nebraska-based conglomerate controls 23.8% of Occidental's stock and holds warrants to buy another 83.9 million shares for $59.62 apiece, but the billionaire recently told shareholders that he has no plans to buy the entire company.
Many people like to copy Buffett's moves because of his remarkable track record. Buffett doesn't routinely comment on Berkshire's stock purchases.
Buffett has been regularly buying Houston-based Occidental shares since early last year whenever the stock drops below $60. Berkshire's latest purchases were made at prices between $56.34 and $58.52.
Occidental's shares were down slightly Tuesday morning at $58.23.