New York A week ago, Warren Buffett complained that he still couldn’t find any good takeover targets. The company valuations are still too high, wrote the star investor in his letter to the shareholders. Therefore, the CEO of the Berkshire Hathaway conglomerate has recently focused on expanding company holdings. His latest coup: he bought large blocks of shares in Occidental Petroleum.
On Wednesday, Thursday and Friday alone, he bought 61 million Occidental shares, ranging in price from $47.07 to $56.45. He has added another $29 million to his portfolio since the beginning of the year, according to a mandatory announcement to the US Securities and Exchange Commission published on Friday.
Occidental stock is up 45 percent this week alone and closed up almost 18 percent on Friday alone. The entire industry is benefiting from rapidly rising oil prices, which are being further fueled by the war in Ukraine.
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