Warren Buffett's Berkshire Hathaway scoops up Occidental and other stocks during sell-off

Published On Dec 20, 2024, 8:03 AM

Warren Buffett's Berkshire Hathaway has increased its stake in Occidental Petroleum, purchasing 8.9 million shares worth $405 million during a recent market sell-off, raising its ownership in the company to over 28%. Berkshire also acquired shares in Sirius XM and VeriSign, totaling more than $560 million in investments during this period. The market drop has seen Occidental's shares decline by over 10% this month, with a 24% drop for the year, while Sirius XM has faced a dramatic 62% decline year-to-date.

Stock Forecasts

OXY

Positive

Berkshire Hathaway's substantial investment in Occidental Petroleum during a market decline suggests confidence in the company's long-term prospects despite short-term volatility. Given the current energy market dynamics, this could indicate a potential rebound in Occidental's stock going forward, particularly as prices stabilize and recover post-sell-off.

SIRI

Negative

Sirius XM has been struggling with subscriber losses and a significant annual drop in stock value. Unless the company can effectively address these challenges, it may continue to face downward pressure, indicating a cautious outlook for the near future.

VRSN

Neutral

VeriSign's long-term performance has not kept up with the tech sector, and while it remains a consistent hold for Berkshire Hathaway, ongoing underperformance suggests limited short-term upside, leading to a neutral outlook.

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