Oxy stock rises on news that Warren Buffett's Berkshire Hathaway purchased $331 million dollars of shares in the 3rd quarter, making them the 17th largest holder of Oxy stock. Warren might be angling for some BOD influence or something. Good news for suffering shareholders.
2 replies (most recent on top)
With peanuts (less than half his annual vig) he sends a msg for the rest in market to buy (since the oracle of Omaha can see things) then the stock jumps.
Works well since you cant milk a dead cow for 800/year and while you get the 10 billion secure when the meat is sold, why lose the 800/year for 10 yrs?
Little infusion here and there with the interest money actually works.
With the current dividend at ~8% due to the low price, my guess is that he thought it was too good of an opportunity to pass up. As long as we don’t cut the dividend in the future.