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Massive insider trade: Warren Buffett’s $100M bet on this stock

Massive insider trade: Warren Buffett’s $100M bet on this stock
Ana Zirojevic

As the stock trades of Warren Buffett have become the stuff of legend, the Oracle of Omaha does not shy away from insider trades, buying up massive amounts of stock in companies where he already has a substantial stake, including Occidental Petroleum (NYSE: OXY).

As it happens, Buffett has recently bought another batch of OXY shares, specifically 1,750,308 of them worth over $100 million, adding up to his previous purchase of more than 250 million stock, according to the data shared by the market analytics platform Barchart in an X post on June 13.

Indeed, the purchase took place in three series on June 10, June 11, and June 12, with the first one involving 584,550 shares, the second 399,859 shares, and the third 765,899 shares, all at the average price of about $60 (or $60.26 on the first day, $60.43 on the second, and $60.28 on the third).

As a reminder, Buffett’s company Berkshire Hathaway (NYSE: BRK.A) previously filed a substantial purchase of 250,583,605 OXY shares valued at $153.3 million, increasing his stake in Occidental Petroleum to 28.26% of its portfolio, as Finbold reported on June 10.

OXY stock price analysis

Meanwhile, Occidental Petroleum shares were changing hands at the price of $60.28, suggesting a 0.51% drop on the day, an advance of 1.11% across the past week, while losing 4.41% on its monthly chart, according to the most recent information retrieved on June 13.

OXY stock price 30-day chart. Source: Finbold
OXY stock price 30-day chart. Source: Finbold

Considering such a performance, Buffett seems to be taking an opportunity to ‘buy the dip’ on OXY stocks but is also demonstrating strong confidence in their future performance, shared by Wall Street analysts whose Occidental Petroleum price target for the next 12 months averages at $72.15.

12-month OXY stock price targets. Source: TipRanks
12-month OXY stock price targets. Source: TipRanks

Having said that, the stock market can sometimes be fickle, so doing one’s own due diligence, including detailed analysis, carefully weighing all the potential risks involved, and keeping up with any relevant news and developments is critical when investing.

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