Menu
We don’t normally include insider purchases by 10% owners in these posts but it is worth mentioning that Berkshire Hathaway filed form 4s last evening indicating they purchased more than $246 million worth of oil producer Occidental Petroleum (OXY).
Buffett has been buying OXY for a while now but most purchases have been below the $62 level. It looks like he decided to pay up a little with these latest purchases given the rise of crude oil prices. The back-to-back deals for Pioneer Natural Resources (PXD) and Hess (HES) by Exxon Mobil and Chevron respectively probably also played a part in him stepping up Berkshire’s purchases of OXY.
Subscribe to receive our Event Driven Monitor by email every morning before the market opens.