Occidental Stock Rose Wednesday on Heavy Volume. Was Warren Buffett Buying?
Occidental Petroleum shares rose sharply on Wednesday, bucking weakness in the energy sector on very heavy volume, amid speculation that Warren Buffett was adding to Berkshire Hathaway large stake in the energy company. Shares of Occidental (ticker: OXY) gained 5.3%, to $57.50, on Wednesday, continuing its recent rally and running counter to the rest of the energy sector as the exchange-traded fund (XLE) declined 3%, to $75.17, and industry leader Exxon Mobil (XOM) fell 5.7%, to $82.79. Berkshire Hathaway (BRK.A and BRK.B) was a big buyer of Occidental last week, ending Friday with 91 million shares, or nearly 10% of the company, after purchasing over 60 million shares on Wednesday through Friday.