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Thursday, December 14, 2023 9:02:06 AM
By: Investing | December 14, 2023
Occidental Petroleum (NYSE:OXY) disclosed that Berkshire Hathaway purchased $590 million of its stock, acquiring 10.5 million shares between December 11-13, 2023.
The average share price for this transaction was $56.16, which was 1.9% below the closing price on the reported day of $57.22.
The stock rose 2.2% on the news.
“We expect OXY to have a slightly positive reaction vs. peers” on Thursday, analysts at Roth MKM said in a note.
“We rate Occidental Petroleum Neutral due to its more levered balance sheet, the potential peak of chemicals earnings in 2022, its lower long-term production growth rate vs. peers and we don't think Buffett buys the entire company.”
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