Investor Warren Buffett joined the recent oil-buying spree in the market this week by resuming Berkshire Hathaway’s purchases of Occidental Petroleum stock for the first time in four months. Buffett’s company said in a Securities and Exchange Commission filing late Wednesday that it invested more than $246 million to add to its already massive Occidental stake over the first three days of this week.
Berkshire bought nearly 4 million more shares of the Houston-based oil producer to give it more than 228 million shares and control of nearly 26% of Occidental. Buffett has been consistently buying Occidental stock whenever the shares fell below $60 as he built Berkshire’s stake since early last year, but this week he was willing to pay more than $63 for some of these new shares.
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