Warren Buffett’s Berkshire Hathaway has made significant stock purchases during a recent market sell-off in December. The company acquired an additional 8.9 million shares of Occidental Petroleum for $405 million. This increased Berkshire’s stake in the Houston-based energy producer to above 28%.
During the same period, Berkshire also invested in other stocks. It bought about 5 million shares for around $113 million and about 234,000 shares for roughly $45 million. These smaller stakes suggest involvement from Buffett’s investing lieutenants, Todd Combs and Ted Weschler.
Over the last three sessions, Berkshire invested more than $560 million in stocks. The 94-year-old legendary investor appeared to seize the opportunity the broad market pullback provided to acquire stocks at lower prices.
Berkshire expands Occidental stake
Occidental shares have dropped more than 10% this month, bringing their 2024 losses to 24%. The energy company remains Berkshire’s sixth-largest equity holding. Despite the significant stake, Buffett has ruled out a complete takeover.
The sell-off in Sirius XM has been more dramatic. The New York-based satellite radio company is currently experiencing a six-day losing streak, falling 23% this month and 62% this year. Berkshire started increasing its stake after billionaire John Malone’s Liberty Media completed its deal to combine its tracking stocks with the rest of the audio entertainment company.
Berkshire’s stake in Sirius XM has now risen to about 35%. Additionally, internet company VeriSign has had a challenging year, with its stock down 6% in 2024, significantly underperforming the tech sector. Berkshire first invested in VeriSign in 2013 and hasn’t adjusted its stake in years.
