Warren Buffett's Berkshire Hathaway recently increased its stake in his beloved Western Petroleum company.
According to a document submitted by Berkshire to the US SEC on Wednesday (October 25th), Berkshire purchased 3.9 million shares of Western Petroleum common stock, increasing its holdings to 228 million shares, with a total value of $14.5 billion.
In this round of overweight, Berkshire paid an average price close to $63 per share. Currently, Berkshire's shareholding in Western Petroleum has reached 25.8%.
On Wednesday local time, Western Petroleum rose 1.18% to $63.47 per share.
In addition, the document also states that between June 30 and September 29, 2023, Western Petroleum redeemed a total of 7067 Class A preferred shares at the contractual redemption price of $110000 per share.
This is the second time Buffett has increased his holdings since the end of June. Berkshire purchased 2.14 million Western oil stocks for $122.1 million between June 26th and June 28th.
Buffett's love for energy stocks is evident. In addition to continuously increasing his holdings in Western oil, in July this year, Berkshire Hathaway invested $3.3 billion to increase its stake in the Maryland liquefied natural gas company Cove Point LNG, holding 75% as a limited partner.
Some people also speculate whether Buffett will acquire Western oil. At Berkshire's annual shareholders' meeting in May this year, Buffett dispelled external speculation. He praised Vicki Hollub, the CEO of Western Petroleum and the company, and expressed no interest in controlling the company.