Occidental Petroleum (NYSE:OXY) shares are trading higher after Warren Buffet's Berkshire Hathaway (NYSE: BRK-A) bought more shares of the company. Additionally, TD Cowen upgraded the stock and raised its price target.
What To Know: On Monday after market closure, an SEC filing revealed that Berkshire Hathaway bought over 3.66 million shares of Occidental Petroleum between Mar. 23 and Mar. 27 at an average price of $58.98, a transaction totaling over $216 million. This group of transactions continues Berkshire's buying spree of more than $1 billion worth of Occidental stock this month.
According to a Reuters report, Berkshire's current stake in Occidental now sits at 23.6%, making the multinational conglomerate Occidental Petroleum's largest shareholder.
Additionally, TD Cowen analyst David Deckelbaum upgraded the stock from Market Perform to Outperform and raised the company's price target from $63 to $70.
Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America and the Middle East.
According to data from Benzinga Pro, Occidental Petroleum shares were up 4.08%, trading at $62.09 at the time of publication. The stock has a 52-week high of $77.12 and a 52-week low of $51.54.
