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Warren Buffett just expanded his stake in this oil and gas company

Occidental Petroleum Corporation (NYSE: OXY) is in focus on Thursday after the legendary investor Warren Buffett increased his stake in the oil and gas company.

How many OXY shares did he buy this time?

The “Oracle of Omaha” spent another $466.7 million to load up on 7.9 million shares of the energy company this week.

Today’s disclosure arrives only days after Buffett’s meeting with Vicki Hollub – the Chief Executive of Occidental Petroleum. His Berkshire Hathaway scooped up 5.8 million shares of the energy company over the past two weeks as well.

In total, the Nebraska-based conglomerate now owns 23.1% of “OXY” that suggests Buffett remains bullish on Occidental Petroleum even though it reported weaker-than-expected results for its fourth financial quarter in February.

The oil stock currently pays a dividend yield of 1.24%.

Buffett could eventually own 50% of OXY

Recent concerns of a deceleration in global economic growth have weighed on WTI futures that now sit at under $68 a barrel.

To that end, Occidental Petroleum stock was seen trading about 15% down (versus their year-to-date high) at the start of March – a discount that Buffett used to further grow his stake in the hydrocarbon exploration company.

Remember that his Berkshire Hathaway has regulatory approval to own up to 50% of “OXY”. It currently holds $10 billion worth of the company’s preferred stock as well and has warrants to purchase another 83.9 million of its common shares for $5.0 billion.

Those interested in following his footsteps and buying Occidental Petroleum stock should also know that Wall Street sees upside in it to $71 on average – up more than 20% from here.  

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