According to Business Insider, Berkshire Hathaway, owned by Warren Buffett, has racked up a $1.2 billion gain in less than three months. The company enlarged its revenue by multibillion-dollar investment in Chevron.
US billionaire and investor Warren Buffett acquired shares of the energy titan at a reasonable price. As it turned out, that was quite a wise move. In 2021, the company’s investment in Chevron brought more than $1.2 billion.
In 2020, Berkshire Hathaway owned a 2.5% stake in the oil-and-gas company worth $4.1 billion. In the third quarter, the company purchased 44.3 million Chevron shares. Overall, Buffett's company invested $4.1 billion in Chevron. Shortly after, Chevron shares owned by Berkshire Hathaway soared by almost 30%, pushing the value of Berkshire's stake to $5.3 billion.
Last year, Buffett was rather skeptical about the prospects of the oil sector, especially after an unsuccessful investment in Occidental Petroleum. In February 2021, the conglomerate announced that it had previously acquired a stake in Chevron for $4.1 billion. Nowadays, Chevron's stock price has risen by almost 30%. On March 5, Berkshire Hathaway share was estimated at $109. As a result, Berkshire Hathaway’s stake increased to $5.289 billion, that is, by almost $1.2 billion, experts emphasize.
