Buffet's Stake Increase Sends Occidental Petroleum and SiriusXM Shares Soaring

In a series of recent transactions, billionaire Warren Buffet's Berkshire Hathaway increased its stakes in Occidental Petroleum and SiriusXM, leading to a surge in the companies' shares. According to regulatory filings, Berkshire added approximately 8.9 million shares in Occidental priced between $45.55 and $46.92 per share. The move swells Berkshire's holdings to 264.2 million common shares and 84,897 preferred shares. Simultaneously, Berkshire grabbed around 5.0 million shares of SiriusXM, priced anywhere from $20.85 to $22.49 per share, growing its total holdings to 117.5 million shares. The purchases reflect Berkshire's strategy to capitalize on market lows. Both Occidental and SiriusXM shares have suffered significant drops in value this year, with a steep plummet of 20% and nearly 60% respectively, reaching their 2024 nadir recently.