Investing Insights: Warren Buffett's $400 Million in Occidental Petroleum (OXY)
Warren Buffett's Bold Investment in Occidental Petroleum (OXY)
In a stunning move, Warren Buffett has invested $400 million in Occidental Petroleum, further solidifying OXY's place in his investment portfolio. During Q3 2024, Berkshire Hathaway acquired nearly 9 million shares at an average price of $45.99.
The Significance of OXY in Buffett’s Portfolio
- OXY is currently valued at approximately $13 billion within Berkshire.
- Buffett first bought OXY shares in Q3 2019.
- Despite initial dips below $10 during the Covid-19 crisis, the stock now trades around $48.08.
Market Performance and Future Outlook
Looking ahead, the stock has faced challenges and is currently 19.94% down year-to-date. The recent Federal Reserve announcements could impact the market, leading to uncertainties about OXY's trajectory.
Berkshire Hathaway’s Broader Investment Strategy
Aside from OXY, Buffett has also invested $107 million in SiriusXM and $45.4 million in Verisign. The performance of these stocks illustrates a volatile market, with OXY’s 2024 performance being a keen focus for investors.
With Buffett’s continued investments in Occidental Petroleum, analysts must consider whether this investment strategy will yield significant returns in the face of economic fluctuations.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.