Why Occidental Petroleum Corporation Shares Are Moving Higher Tuesday

Zinger Key Points

Berkshire Hathaway increased its stake in Occidental Petroleum Corporation.
The form from Monday showed the company purchased about 2.9 million more shares.
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Occidental Petroleum Corporation OXY stock is moving higher on Tuesday after Berkshire Hathaway increased its stake in the company.

What Happened: On Monday, Berkshire Hathaway in a form4 disclosed that it purchased about 2.9 million additional shares.

Berkshire Hathaway purchased these shares at an average price of $59.70.

Prior to Monday, the company had already filed twice in June with the SEC where it indicated similar purchases. The first form showed a purchase of approximately 2.5 million shares and the second showed 1.7 million shares.

According to Reuters, the latest purchase brings Berkshire Hathway’s total stake in the company to about 29%, worth around $15.37 billion.

OXY Price Action: At the time of writing, Occidental Petroleum Corporation shares are trading 1.36% higher $61.02, according to data from Benzinga Pro.

Image: Image via Shutterstock

OXYOccidental Petroleum Corp

$44.100.89%