Warren Buffett's Berkshire Hathaway buys additional 3.7 million shares of Occidental Petroleum

So a few minutes left to the opening bell. Let's take a look at some movers that we're watching. Occidental petroleum up about 2% this morning. Different day, same buyer. We're talking about Warren Buffett's Berkshire Hathaway upping its stake again in the petroleum company to over 23% after buying an additional 3.7 million shares here. That takes its indirect ownership to about 212 million shares.

Berkshire owns about 24% or so of Occidental. And it's just been this steady drip, drip, drip, drip, drip that it has been buying of those shares separately. It got an upgrade to outperform for market performer over at Cowan with the analysts there saying it's got superior exposure to oil pricing. That's one of the reasons that it likes the stock. Yeah, saying that they see a superior risk reward balance there for Occidental petroleum. So that a boat of confidence. And to crude pricing specifically, is what they noted here.

Crude pricing, capital structure shifts, captive buying support from Berkshire Hathaway, which was aforementioned and we saw come through today. And then also a favorable free cash yield plus a differentiated catalyst rich profile in a world of relatively homogeneity across E&Ps. Yeah, I mean, so it's exploration production, right? It does that in the oil space. But it also apparently has a low carbon ventures business that the analyst is highlighting here. And that it's that business, which does carbon capture, storage, utilization, has what the analyst says are unique tax efficient benefits. So interesting little piece there in addition to that very big buyer that has been supporting it. I mean, that said, by the way, the stock is down along with many of its peers.

This year it's off, I think, by about 5% for the year to date, even as it's rising once again this morning. Yeah, year to date the entire sector. XLE, look at that, that's down by about 5.75%. So kind of mirroring what we've seen within shares of OXY for the start of the year as we're about to round out or at least end out the first quarter of this year, my how time has flown. But at the end of the day, XLE, of course, the biggest move to the upside that we'd seen in the markets last year here, as we've seen, of course, a little bit of a reversal of some of those trends earlier on in the year where technology had taken hit on the chin last year. That now one of the biggest rebound stories that we've seen, energy on the other side of that trade there.

Yeah, exactly. It's been a little flippy flop that we've seen in these markets here in terms of sector leadership.

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