New York (CNN Business) Warren Buffett's Berkshire Hathaway is betting that the oil boom isn't going to end any time soon. Berkshire Hathaway disclosed in a regulatory filing late Wednesday that it spent about $529 million to buy nearly 9.6 million shares of Occidental Petroleum in the past week. Berkshire Hathaway ( BRKB ) made the purchases between June 17 and June 22. Buffett's conglomerate now owns a 16.3% stake in Occidental Petroleum ( OXY ) , making it by far the largest owner of the stock. Mutual fund giant Vanguard is the second biggest investor, with a nearly 11% position in the company. Occidental Petroleum is the best performer in the S&P 500 this year, rising 92% as crude prices have soared. Shares were up more than 3% in early trading Thursday. Buffett says Berkshire's success is more about being 'sane' than 'smart' But Occidental Petroleum isn't the only energy company that Berkshire … [Read more...] about Warren Buffett must really love oil. Berkshire boosts Occidental Petroleum stake
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Warren Buffett Adds To Massive Stake In Occidental Petroleum, Buying The Dip After Oil Prices Drop
Share to Twitter Share to Linkedin Topline With oil prices down this month, billionaire investor Warren Buffett is once again buying the dip by adding to one of his favorite energy stocks, as his investing conglomerate Berkshire Hathaway purchased roughly $500 million worth of Occidental Petroleum shares this week. Key Facts Buffett’s Berkshire Hathaway purchased roughly 9.5 million shares of Occidental over the past week at a cost of nearly $530 million, according to a new regulatory filing late on Wednesday. After a buying spree that started in late February, Buffett’s investing conglomerate now owns roughly 152 million shares of Occidental—a 16.3% stake worth nearly $8.5 billion that makes Berkshire by far and away the largest shareholder in the energy giant. Shares of Occidental Petroleum failed to rally on the news Thursday, but it remains one of the best-performing stocks this year, rising over 90% thanks to the massive spike in oil … [Read more...] about Warren Buffett Adds To Massive Stake In Occidental Petroleum, Buying The Dip After Oil Prices Drop
Stocks Fall After Powell Pledges More Big Rate Hikes To Combat Inflation
Share to Twitter Share to Linkedin Topline Stocks fell slightly on Wednesday as a growing number of major Wall Street firms warned that the likelihood of a recession has risen sharply, while Federal Reserve Chair Jerome Powell pledged that the central bank is “ strongly committed ” to raising rates until inflation moderates. Key Facts Markets finished lower in choppy trading: The Dow Jones Industrial Average fell 0.2%, less than 100 points, while the S&P 500 lost 0.1% and the tech-heavy Nasdaq Composite 0.2%. The Dow was down by as much as 400 points but stocks pared back losses following comments from Fed Chair Powell, who said the central bank is “determined to take the measures necessary to restore price stability” and that “ongoing rate increases will be appropriate.” Citigroup became the latest Wall Street bank to increase its recession odds, meanwhile, forecasting a 50% chance of a downturn as consumer demand “looks to be … [Read more...] about Stocks Fall After Powell Pledges More Big Rate Hikes To Combat Inflation
Energy Stocks Jump As Oil Surges Again—Prices Will Remain Elevated Through Summer
Share to Twitter Share to Linkedin Topline Energy stocks once again outperformed the rest of the market as oil and gas prices remain elevated due to inflation; despite ongoing risks to tight global supply such as Russia’s invasion of Ukraine, some experts are now predicting that prices will decline by next year. Key Facts Energy prices have been surging in recent months: Demand remains high but supply has been tight ever since the West imposed sanctions on Russian oil after the country’s invasion of Ukraine in late February. Despite their first weekly loss in over a month last Friday, oil prices jumped again on Tuesday: The price of U.S. benchmark West Texas Intermediate sits at nearly $111 per barrel, while international benchmark Brent crude trades at more than $114 per barrel. Major energy companies were among the best-performing stocks on Tuesday as the market rebounded from its worst week since March 2020, with the Dow gaining over … [Read more...] about Energy Stocks Jump As Oil Surges Again—Prices Will Remain Elevated Through Summer
Dow Jumps 800 Points, Stocks Snap Three-Week Losing Streak After Inflation Expectations Ease
Share to Twitter Share to Linkedin Topline The stock market rebounded strongly on Friday, posting its first positive week this month as recession fears subsided somewhat thanks to positive economic data suggesting that inflation may have peaked, while some experts expressed optimism about the health of the economy. Key Facts Stocks snapped a three-week losing streak on Friday: The Dow Jones Industrial Average rose 2.7%, over 800 points, while the S&P 500 jumped 3.1% and the tech-heavy Nasdaq Composite 3.3%. Markets got a boost after the latest consumer sentiment survey from the University of Michigan showed that inflation expectations eased slightly in June, rising 5.3% compared to a year ago—but lower than the 5.4% expected. Investors also cheered optimistic remarks about the economy from St. Louis Federal Reserve President James Bullard, who said that recession fears are “overblown” and consumer spending remains strong. Stocks … [Read more...] about Dow Jumps 800 Points, Stocks Snap Three-Week Losing Streak After Inflation Expectations Ease