FRI, JUL 01, 2022
Berkshire builds Occidental stake to 17.4% with new buys this week
In an SEC filing late tonight, Berkshire Hathaway revealed it is still actively buying shares of Occidental Petroleum.
Over the past three days, it purchased a total of 9.9 million shares for $582 million. That's an average price of $58.91.
Nearly half of those shares were added today at an average price of $59.01.
Adding in another 794 thousand shares purchased a week ago Thursday (revealed in an SEC filing this week), Berkshire now reports holding a 17.4% stake in Occidental, up from 16.3%.
It owns 163.4 million shares worth almost $9.9 billion at today's close of $60.44.
That's a paper gain of more than 15% from the roughly $8.6 billion Berkshire paid for those shares.
Occidental was the best performing stock in the S&P in the first half of the year, more than doubling from $28.99 to $58.88 as oil prices soared and Buffett bought.
Berkshire caught a good slice of that gain, as it started building its position in early March by purchasing roughly 60 million shares at average prices below $50 per share.
Berkshire shares outperform lousy stock market in first half of year
Berkshire Hathaway's stock didn't perform well in the first half of the year, but they did do better than the S&P 500 stock index.
Amid runaway inflation, the benchmark index fell 20.6 percent between the start of January and the end of June, erasing $8.5 trillion in market value, and falling into a bear market.
It's the market's biggest drop in the first half of a calendar year since 1970.
As high-flying tech stocks lost their appeal, Warren Buffett's decidedly untrendy investing style held up well, but not well enough to keep Berkshire's two classes of stock from falling 9.3% (Class A) and 8.7% (Class B).
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HIGHLIGHTS FROM THE ARCHIVE
BERKSHIRE'S TOP U.S. STOCK HOLDINGS - Jul 1, 2022
Berkshire's top holdings of disclosed publicly-traded U.S. stocks by market value, based on today's closing prices.
Holdings are as of March 31, 2022 as reported in Berkshire Hathaway’s 13F filing on May 16, 2022, except for Apple, Bank of America, and U.S. Bancorp, which also include shares held as of Mar 31, 2022 as disclosed in New England Asset Management’s 13F filing on May 14, 2022, and except for Occidental Petroleum, which is as of July 1, 2022.
In addition to U.S. stocks, shares held as of December 31, 2021 of China's BYD, as listed in Buffett's 2021 letter to shareholders, are included. The price of those shares in U.S. trading is used to approximate the current market value of the position. The value of the stake as a percentage of the company's market value is fixed at what was listed as of December 31, 2021 in the letter.
The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.
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-- Alex Crippen, Editor, Warren Buffett Watch