Yahoo Finance Live anchors discuss Berkshire Hathaway buying more Occidental Petroleum stock.
The purchases were made in multiple transactions and cost about $44 million, Berkshire said in a regulatory filing. The share purchases come nearly a week after Berkshire bought 9.6 million Occidental shares. Berkshire, the largest individual shareholder in Occidental, now owns about 153.5 million shares worth about $9.04 billion, based on Occidental's Monday close.
Shares of integrated oil company Occidental Petroleum (NYSE: OXY) were up 2.3% today as of 4 p.m. ET. Oil and energy companies in general were on the rise today as fossil fuel prices stayed strong, while stocks overall struggled for direction. There was no news today to cause Occidental's jump higher, but shares are rallying after pulling back from multiyear highs reached in early June.