Investing.com — Shares of Occidental Petroleum (NYSE:), Sirius XM Holdings (NASDAQ:), and VeriSign (NASDAQ:) saw an uptick in the trading session following news of Berkshire Hathaway (NYSE:)’s increased investment in these companies. The investment conglomerate, led by Warren Buffett, has been actively purchasing shares, as reported in recent Form 4 filings with the Securities and Exchange Commission.
Occidental Petroleum’s stock rose by 2.25% after Berkshire Hathaway invested approximately $409 million, acquiring around 8.9 million shares. This transaction raised Berkshire’s stake in the energy company to over 28%, totaling 264.2 million shares. The purchase reflects Berkshire’s confidence in Occidental Petroleum, contributing to the positive sentiment among investors.
Similarly, Sirius XM Holdings experienced a 2% increase in its share price. Berkshire took advantage of the satellite radio company’s recent stock price decline, buying about five million shares for around $107 million. Despite Sirius XM’s stock hitting a new 52-week low and facing a more 18% decline this month, Berkshire’s actions suggest a bullish outlook.
VeriSign’s stock showed a modest gain of 0.1% as Berkshire added approximately 234,000 shares to its portfolio for about $45.4 million. Berkshire’s total holdings in the internet infrastructure company now amount to 13 million shares, valued at roughly $2.5 billion, representing more than 13% ownership.
The purchases across all three companies were made between Tuesday and Thursday, necessitating prompt disclosure due to Berkshire’s ownership exceeding 10% in each firm. This buying activity by Berkshire Hathaway often signals a vote of confidence in the companies’ prospects, influencing other investors to follow suit.
The news of Berkshire Hathaway’s investments comes at a time when the market is closely watching the moves of prominent investors. Although the context of the purchases was provided by a company PR, the market response has been undeniably positive, as reflected in the stock movements of Occidental, Sirius XM, and VeriSign.
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