In a strategic move amidst market volatility, Warren Buffett’s Berkshire Hathaway has significantly increased its stake in Occidental Petroleum, along with acquisitions of Sirius XM and Verisign. These investments occurred during a recent sell-off in the stock market, allowing Berkshire Hathaway to capitalize on lower stock prices. According to SEC filings, the company acquired approximately 2.4 million shares of Occidental, raising its total holdings to nearly 200 million shares. Berkshire’s average purchase price over the past week was $60.02 per share, bringing the total investment in Occidental to approximately $12 billion. Buffett remains optimistic about Occidental’s long-term prospects despite the fluctuations experienced recently. Furthermore, Berkshire bought 1.1 million shares of Sirius XM and 1.6 million shares of Verisign, signaling a diversified approach to navigating the current economic challenges. ‘This is a classic Buffett move,’ an analyst noted, emphasizing his strategy of looking for valuable companies during downturns. ‘He has a proven track record of making big bets when the market is scared.’ These investments exemplify Berkshire Hathaway’s commitment to purchasing quality stocks at attractive prices, demonstrating Buffett’s belief in the resilience of these companies in the long term. Berkshire Hathaway is also known for its conglomerate approach, owning numerous companies across various sectors, and Buffett’s moves are closely watched by investors worldwide.
Warren Buffett’s Berkshire Hathaway Acquires Occidental Petroleum and Other Stocks Amid Market Sell-Off
