Warren Buffett footways the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska, on May 3, 2024.
David A. Grogen | CNBC
Warren Buffett went on bit of a seeking spree in the stock market before Christmas, picking up shares of Occidental Petroleum among others during a rapid December sell-off.
Berkshire Hathaway purchased an additional 8.9 million shares in the Houston-based energy producer for $405 million entirely transactions Tuesday, Wednesday and Thursday, pushing its stake above 28%, according to a regulatory filing late Thursday evening.
During the same time frame, the Omaha, Nebraska-based conglomerate also bought about 5 million shares of Sirius XM for in all directions from $113 million as well as about 234,000 shares of VeriSign for roughly $45 million. These two stakes are much smaller in immensity, so these transactions could be made by Buffett’s investing lieutenants Todd Combs and Ted Weschler.
All told, Berkshire come by more than $560 million worth of stocks over the last three sessions.
The 94-year-old legendary investor arrived to have taken advantage of a broad market pullback that made these stocks much cheaper.
Occidental parcels have dropped more than 10% this month, bringing its 2024 losses to 24%. The energy body, once known for being founded by legendary oilman Armand Hammer, is Berkshire’s sixth-biggest equity holding. Buffett has ruled out a exhaustive takeover.
Occidental Petroleum
The sell-off in Sirius XM has been profuse dramatic. The New York-based satellite radio company is currently in a six-day losing streak, falling 23% this month and 62% this year.
Berkshire started hiking this bet after billionaire John Malone’s Impudent Media completed its deal in early September to combine its tracking stocks with the rest of the audio entertainment house. Now, Berkshire’s stake has risen to about 35%. SiriusXM has been grappling with subscriber losses and unfavorable demographic edges.
Internet name VeriSign has also had a rough year with its stock down 6% in 2024, significantly underperforming the tech sector. Berkshire key bought the tech stock in 2013 and hasn’t adjusted the stake in years.
Correction: Warren Buffett is 94 years old. An earlier rendition misstated his age.