Occidental Petroleum’s shares rose after Warren Buffett’s Berkshire Hathaway announced it would increase its stake to 28%

Occidental Petroleum Corp Stock OXY,
+1.64%
up 1.8% in Tuesday afternoon trade after Warren Buffett’s Berkshire Hathaway Inc. BRK.B,
-0.88%

BRK.A,
-0.67%
announced that it had 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 outstanding shares, as of December 31, up about 83.86 million shares it owned at the end of the year third quarter, according to the latest 13F filing available. As of September 30, Berkshire was Occidental’s largest shareholder with a 21.4% stake. Occidental’s stock is up 4.6% since Dec. 31 and 7.3% since Sept. 30, while the S&P 500 SPX,
-0.22%
is up 7.7% year-to-date and is up 15.4% since September 30.