FRI, JUL 08, 2022
Berkshire accelerates Occidental Petroleum stock purchases
After paying a total of almost $1.3 billion for another 22 million shares of Occidental Petroleum over five consecutive trading days (June 29 through July 6), Berkshire Hathaway now has an 18.7% stake of 175.4 million shares valued at more than $10.6 billion.
It's the seventh-largest holding in Berkshire's reported portfolio of publicly-traded stocks, after Kraft Heinz at $12.5 billion.
At $984 million, Berkshire's reported purchases in July are already greater than the $869 million it spent on OXY shares in all of June, but well below the roughly $7 billion it spent in March.
Barron's notes that "energy stocks are on sale, after a sharp selloff since oil and natural-gas prices peaked in early June," although "Occidental has held up better than the sector lately, due to Berkshire's purchases."
TheStreet quotes Creighton University finance professor Robert Johnson as saying of Buffett, "I don't think his purchase of OXY common shares has anything at all to do with his belief about oil prices in the near term. It is all about value and the ability to purchase companies with a sustainable business model at a discount from intrinsic value. Even after the recent run-up in price, OXY is still selling for a trailing 12-month multiple of only 9 times earnings."
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BERKSHIRE'S TOP U.S. STOCK HOLDINGS - Jul 8, 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 6, 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