Warren Buffett’s investment firm Berkshire Hathaway has purchased additional shares of Occidental Petroleum Corp (NYSE:OXY) this month bringing its stake in the Houston-based oil and gas producer to nearly 29%.
Regulatory filings showed the firm purchased shares worth about $176 million in shares since last Thursday.
Its holdings are now more than 255 million shares, representing a 28.8% stake worth approximately $15.5 billion and making Berkshire Hathaway Occidental’s biggest institutional investor.
The purchases also make Occidental Berkshire Hathaway’s sixth-largest holding.
Berkshire Hathaway in 2022 won regulatory approval to purchase as much as a 50% stake in Occidental but Buffett has said he does not plan to take over the oil company.
Buffett previously stated that he began buying Occidental after reading a transcript of its earnings conference call, and snapped up a 14% stake of the company worth more than $7 billion in two weeks in early 2022.
The company also pays a 1.5% dividend yield.
Occidental shares traded up 1.4% at $61.05 late morning on Tuesday and have gained 1.8% in the year to date.