Occidental Petroleum Stock in Focus After Berkshire Boosts Stake in Energy Company

Core Insights - Berkshire Hathaway has increased its stake in Occidental Petroleum, purchasing 2.6 million shares valued at approximately $153 million, bringing its total holdings to 250.6 million shares worth nearly $15 billion based on a closing price of $59.48 [2][3][8] Group 1: Investment Details - The recent purchase gives Berkshire Hathaway a 28% interest in Occidental Petroleum, with Warren Buffett expressing no intention to acquire or manage the company, but highlighting the value of its oil and gas holdings and carbon-capture initiatives [3][4] - The investment coincides with Occidental's announcement of a joint venture with Berkshire's energy unit to extract lithium, a key component for electric vehicle batteries [4] Group 2: Stock Performance - Occidental shares have been trading within a range since January of the previous year, with a recent decline below the 200-day moving average, indicating potential slowing selling momentum [5] - The stock has found support at $56 and resistance near $67.50, with a recent uptick of 1.2% to $59.96 prior to Monday's opening [7][11][12] - The stock's recent retracement of around 15% from its 2024 high may have presented an opportunity for Berkshire to increase its holdings [9]