OXY - Forget Chevron? Buffett Is Buying Up This Energy Stock Instead
2024-07-04 06:10:00 ET
Warren Buffett 's Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) has a massive portfolio of stocks, but two companies on the list that have made headlines lately are Chevron (NYSE: CVX) and Occidental Petroleum (NYSE: OXY) . In the conglomerate's latest 13F filing on May 15, Buffett revealed that in the first quarter, he sold around 3.1 million shares of Chevron shares and added about 4.3 million shares to his Oxy position.
Should you follow Buffett's lead?
Buffett didn't exit his position in Chevron (at the time of the filing he still owned more than $19 billion worth of Chevron's shares), so it isn't exactly like he dumped the stock so he could buy Oxy. But he did sell a material amount of Chevron and notably up his stake in Oxy (which was worth about $16 billion at the time of the filling). So it looks like he used the cash raised from the Chevron sale to fund the purchase of additional shares of Oxy. That said, investors in Chevron shouldn't dump it from their portfolios based on this shift.
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Forget Chevron? Buffett Is Buying Up This Energy Stock Instead