(BRK.A), (BRK.B)
In addition to taking a fourteen percent stake in Occidental Petroleum, Berkshire Hathaway has made a dramatic increase to its stake in Chevron in the first quarter of 2022.
Berkshire’s $4.5 billion position in Chevron on December 31,2021, has more than quintupled to $25.9 billion as of March 31, 2022. The move makes Chevron Berkshire’s fourth largest holding behind only its stakes in Apple, Bank of America and American Express.
The position, which was revealed in Berkshire’s latest filing, comes as the oil and gas giant quadrupled its earnings in the first quarter of 2022, its highest quarterly profit in the past ten years.
Chevron’s stock has rocketed up 31.37 year-to-date and its dividend is yielding 3.63%.
Chevron’s $308 billion market capitalization makes it an easy opportunity for Berkshire to put a large portion of its cash position to work.
© 2022 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.