Shares of Occidental Petroleum Corp. OXY rose 1.0% in premarket trading Thursday, after Warren Buffett’s Berkshire Hathaway Inc. BRK.BBRK.A disclosed that it boosted its stake in the oil and gas company to over 25%. In a filing with the Securities and Exchange Commission late Wednesday, Berkshire disclosed that it spent $122.1 million to buy 2.14 million more Occidental shares, bringing the total ownership to 224.13 million shares, or 25.1% of the shares outstanding. The filing showed that Berkshire bought 638,301 shares at a weighted average price of $57.0143 on Monday, 1,239,180 shares at $57.1694 on Tuesday and 260,769 shares at $57.02 on Wednesday. The stock closed Wednesday at $57.46, and has gained 2.5% over the past three sessions since it closed at a one-year low of $56.07 on June 23. Occidental’s stock has lost 8.8% year to date through Wednesday, while the Energy Select Sector SPDR exchange-traded fund XLE has dropped 8.9% and the S&P 500 SPX has gained 14.0%.
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