Buffett's Berkshire Hathaway keeps upping Phillips 66 stake
OMAHA, Neb. - Warren Buffett's company has bought more than 5 million shares of Phillips 66 stock this month to give it ownership of 12.5 percent of the oil refiner.
Berkshire Hathaway (BRK.A) reported buying another 902,442 shares of Phillips 66 (PSX) stock in documents filed Wednesday. It is the latest in a string of purchases Berkshire reported to the Securities and Exchange Commission since Jan. 4.
The shares were bought at prices that averaged between $74.94 and $80.18. Berkshire now owns 66.6 million Phillips 66 shares.
Berkshire first revealed owning over 10 percent of Phillips 66 stock in August when it disclosed a stake of 55 million shares. The purchases Berkshire made this month are the first since September.
Berkshire's investments are followed closely because many investors try to copy the moves Buffett makes.