Warren Buffett has been buying more shares of Occidental Petroleum this year. He first started buying the oil and gas company’s stock in 2019. Berkshire Hathaway received regulatory approval in August to purchase up to 50% of Occidental’s common stock.
Buffett has invested around $2.9 billion in Occidental so far in 2023. This total includes the nearly $1.9 billion that Berkshire spent to scoop up 21.4 million shares of the company from July 31 through Aug. 8.
Occidental is now Berkshire’s seventh-largest holding. The conglomerate owns 25.1% of the oil and gas producer. But Occidental isn’t Buffett’s favorite stock.
That honor belongs to Apple.
Buffett continues buying Occidental shares
Berkshire first bought shares of the tech giant in 2016.
It’s now the company’s largest holding by far with a market value of close to $138 billion. Buffett has referred to Apple as “probably the best business I know in the world.” However, Berkshire has sold some of its shares of the company in recent quarters. It still owns around 5.5% of Apple’s outstanding shares, though.
Bank of America ranks as Buffett’s second-favorite stock. It’s Berkshire’s second-largest holding, with the position valued at nearly $33 billion. Buffett hasn’t bought additional shares of the banking giant so far in 2023, but he’s a longtime fan of Bank of America.
Occidental Petroleum has delivered a much higher return than Apple and Bank of America so far this year. Its shares have soared more than 40%, while Apple and Bank of America stocks are up around 10% and 5%, respectively. If Buffett continues to buy more shares of Occidental, it could become an even bigger winner.
