Warren Buffett Snaps Up 10,482,162 Shares Of Occidental Petroleum Wednesday At An Avgerage Price Of $56.16 Per Share

Benzinga

Occidental Petroleum Corporation (NYSE:OXY) 10% owner Warren Buffett acquired a total of 10,482,162 shares at an average price of $56.16. To acquire these shares, it cost around $588.67 million.

Transcript

00:00 Let's get to, of course, Oxy baby. Warren stepping up. Berkshire Hathaway increasing

00:05 its ownership of Occidental Petroleum by acquiring 10.5 million shares, spending about

00:11 588.7 million at an average price of 56.16 a share. This purchase raised a stake in Occidental

00:20 to approximately 27%. It's pretty big there for especially Warren. And additionally-

00:27 Go ahead.

00:29 I just want to additionally to remember, right, they also have an ability to,

00:33 they hold preferred shares and warrants for acquiring an additional 83.8 million

00:39 of Occidental shares. And that would be at 56.62 each. If exercised, these warrants would push

00:45 Berkshire's total ownership up to 33%. So just wanted to mention something to look out for.

00:50 I mean, we knew he was going to come back in here eventually. It's probably a buy on dips,

00:57 especially if rates are going to start pivoting. Oil stocks are affected by this as well.

01:02 I think you're buying Oxy on dips. I think following Buffett, we talked about the 56

01:07 to 58 area. It didn't strike. It should have. I think you'll get another dip. I think Oxy's

01:11 on my shopping list. Interesting. I wonder what his average price is on this.

01:16 Because I know he-

01:17 The same range. He always buys in the same range. He might be a little higher.

01:21 No, I don't know.

01:22 I think he had an earlier buy, right? It might help him.

01:25 Yeah. Everyone is forgetting about when he bought this thing at 75, 80 bucks

01:32 with the Anadarko Petroleum.

01:34 Did he?

01:35 Yeah.

01:35 I guarantee it. He did.

01:36 [crosstalk 00:10:00]

01:37 He-

01:38 It was part of the Anadarko deal, I believe. And so I know he started there. And then he just- I

01:49 mean, I don't know how much he was down on that position down at the COVID lows. And I know he

01:56 was continuously buying in 19, in 21, 2021. We obviously know that. But he waited. It's just

02:07 like the other thing kept on coming. He must do technical analysis or something. He saw the

02:12 undercut or the low from the other day. Just for the- Dennis, you didn't play it this time because

02:19 he hasn't been- I know you've had a couple of times.

02:22 Yeah. I haven't been, but I think I start playing it again. I think, like now he's back.

02:28 So, and he's probably going to continue to be back. So, I think you got that Buffett put there.

02:33 So, I think buying at 56 to 57 and flipping it, you can trade trade and flip it out of this area.

02:37 Yeah. That's what I should have said.

02:38 I know he's doing that. But I also, I remember I put in my long-term portfolio and I put in,

02:42 I sold out of the long at 64 so I could re-get it. So-

02:45 I did some research here for us. I know that we wanted to know kind of average price. Of course,

02:50 this is from hedgefollow.com. So, shout out to them. I don't know if this includes

02:54 this recent buy of yesterday. So, I do want to state that. But what I have here is 50.13

03:01 would be his average price that they have. So, that's showing that he's up 14.1%.

03:07 Wow. He's doing well.

03:10 Right. Yeah. But I can tell you if you see that blotter, there's buys all over the place.

03:15 Yeah.

03:16 Yeah. All over. If you're buying it off the Warren News, you're quick, you're quick, you're

03:23 high, you're a good pre-market trader. You're trading at the highs of the pre-market session,

03:28 which is a 58.71. Not a ton here. There's only one daily high at this area 58.70. So, let's see,

03:37 a lot of times on these, they either boom, just catch a bid right at the pre-market high.

03:43 If that's the fact, then you can look for 59.60 would be your next daily high. If somehow people

03:49 ring the register off the open, you got a ways to go to get to the top of yesterday's range at 57.27.

03:58 Also, in a pretty strong market like this, I don't know if it's going to be pulling back that easy.

Category

Transcript

Recommended