Nearly 29% stake in Occidental Petroleum bought by Warren Buffett in 9 consecutive days.

According to regulatory filings, Warren Buffett has acquired more shares of  over the past nine trading sessions, increasing his stake in the Houston-based oil and gas producer to almost 29%.

Occidental shares were bought by the Omaha, Nebraska-based conglomerate every trading day from June 5 to Monday, amounting to a total of 7.3 million shares with purchase prices slightly below or above $60, according to filings.

Occidental has become Berkshire's biggest institutional investor, with the conglomerate's purchases bringing Berkshire's holding to over 255 million shares, representing a 28.8% stake.

Berkshire owns $10 billion of Occidental preferred stock and has warrants to buy another 83.9 million common shares for $5 billion, or $59.62 each. These warrants were obtained as part of the company's 2019 deal that helped finance Occidental's purchase of Anadarko Petroleum.

On Monday, the stock closed at $60.2, causing Buffett's warrants to become "in the money." If Berkshire fully redeems its preferred equity, its ownership of Occidental will surpass 40%.

Buffett has stated that he will not acquire full ownership of the oil company, which was founded by Armand Hammer and is now known for its oil production. There were rumors of a takeover after Berkshire received approval to purchase up to a 50% stake.

'Read every word'

The Oracle of Omaha stated that he began purchasing Occidental Petroleum after listening to the company's earnings call transcript.

Buffett stated on CNBC that he read every word and said it aligns with his actions.

Vicki Hollub, CEO of Occidental, stated that he is "managing the company correctly."

The stock has been relatively flat this year, despite a 5% decline in 2023. Additionally, Occidental pays a 1.5% dividend yield.

In early 2022, the renowned investor seized the opportunity to purchase a 14% stake in the energy company, worth over $7 billion, within two weeks, taking advantage of the heightened market volatility.

"Buffett stated in 2022 that it was just incredible to think about how large companies in America became poker chips. He explained that if one tried to buy 14% of the farms, apartment houses, or auto dealerships in the country, it would be overwhelming, considering that 40% of them were already locked up in other places."