Chevron Is Buffett's Latest Billion-Dollar 'Mystery' Investment | Canada News Media
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Chevron Is Buffett’s Latest Billion-Dollar ‘Mystery’ Investment

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Berkshire Hathaway has invested US$4.1 billion in Chevron stock, Warren Buffett’s conglomerate announced in a filing with the SEC with holdings as of the end of 2020.

Berkshire Hathaway has acquired 48,498,965 shares of Chevron, the filing of the latest portfolio update revealed. The other company in which Buffett’s conglomerate has recently invested a large amount of money in Verizon. Berkshire Hathaway has invested US$8.6 billion in the telecom giant, buying nearly 147 million shares.

The form 13F information table filing didn’t reveal whether Buffett himself had decided that Berkshire Hathaway should invest in one of the biggest U.S. oil corporations, or whether the decision was taken by the money managers at Berkshire Hathaway.

In the previous 13F report to the SEC for holdings as of September 30, 2020, Berkshire Hathaway said in November it omitted confidential information about building positions from the public Form 13F report, and that information was filed separately with the SEC. Analysts said back then that Buffett was most probably building a large position in one or more companies and didn’t want the filing to create a rush of other investors buying those stocks.

“He is undoubtedly building a large position now and may reveal it in his next 13F,” David Kass, a finance professor at the University of Maryland who has studied Buffett’s investments for decades, told Business Insider in November.

“Buffett has received confidentiality treatment several times in the past,” Kass noted.

One of those mystery investments was Chevron, the latest Berkshire Hathaway report revealed this week. Shares in Chevron (NYSE: CVX) rallied nearly 4 percent pre-market on Wednesday.

Berkshire Hathaway’s investment in Chevron comes at a time when portfolio managers are shunning oil stocks due to ESG issues and uncertainty over how the pandemic would affect long-term oil demand trends. The bet on Chevron is not the only investment in the oil and gas industry Buffett has made since the start of the pandemic. Last July, an affiliate of Berkshire Hathaway bought all of the gas transmission and storage assets of Dominion Energy in a nearly $10-billion deal, including debt assumption. For Berkshire Hathaway, it was the first major acquisition since the start of the coronavirus pandemic, and the biggest acquisition in four years.

By Tsvetana Paraskova for Oilprice.com

Source:- OilPrice.com

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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