Occidental Petroleum stock surges after Warren Buffett’s Berkshire Hathaway discloses boosting stake to 28%

Shares of Occidental Petroleum Corp.
OXY,
+2.44%
rallied 1.8% in afternoon trading Tuesday, after Warren Buffett’s Berkshire Hathaway Inc.
BRK.B,
-0.94%

BRK.A,
-0.84%
disclosed that it increased its stake in the oil and gas company to 28.0%. In a 13G filing with the Securities and Exchange Commission, Berkshire said it owned 278.21 million shares of Occidental Petroleum, or 28.0% of the shares outstanding as of Dec. 31, which is about 83.86 million shares more than it owned at the end of the third quarter, according to the latest available 13F filing. As of Sept. 30, Berkshire was Occidental’s largest shareholder with a 21.4% stake. Occidental’s stock has climbed 4.6% since Dec. 31 and gained 7.3% since Sept. 30, while the S&P 500
SPX,
-0.03%
has tacked on 7.7% year to date and advanced 15.4% since Sept. 30.