Buffett sells Tech and Banks, But what is he buying? Oil and Gas
After sending out the Insider Report for June today, I noticed that Buffett has been steadily buying shares of Occidental Petroleum Corporation (OXY) for months, an US based company, specialized in the exploration and production of oil and gas.
Just in June, he acquired shares worth nearly USD 500 million.
This isn’t the first time he’s bought OXY shares this year. He was active in February as well. He now holds nearly 30% of OXY.
What do you think? Why is he continuing to invest in oil and gas stocks despite the growing global focus on renewable energy?
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SFRE Keith : OXY is transitioning into a carbon management company. Its Direct Air Carbon Capture Technology can offset its carbon footprint and generate revenue by selling carbon credits to other companies.