Berkshire Hathaway has disclosed a new 3.45bn-dollar stake in Exxon Mobil Corp. after buying 40.1m shares in the oil company, according to reports.
The investment by the company, headed by Warren Buffett, represents 0.9% of Exxon's share capital. Analysts said the deal showed a vote of confidence in the company by the second most wealthiest American.
"When Warren Buffett gives his seal of approval to any company, that is never a bad thing," Pavel Molchanov, energy analyst at Raymond James & Associates, told Reuters.
Molchanov rated Exxon shares a 'strong buy'.
Berkshire also owns energy and utilities businesses, including MidAmerican Energy, which is buying Nevada utility NV Energy Inc for $5.6bn.
The firm also revealed its stake in in drugmaker GlaxoSmithKline fell while reporting higher stakes in Bank of New York Mellon Corp, dialysis clinic operator DaVita HealthCare Partners Inc, satellite TV provider DIRECTV, Suncor Energy Co , US Bancorp and Verisign Inc.
Shares in Exxon were up 0.68% to $93.22 in morning trading and Berkshire was also up 0.68% to $173,320.
Source: LiveCharts
The investment by the company, headed by Warren Buffett, represents 0.9% of Exxon's share capital. Analysts said the deal showed a vote of confidence in the company by the second most wealthiest American.
"When Warren Buffett gives his seal of approval to any company, that is never a bad thing," Pavel Molchanov, energy analyst at Raymond James & Associates, told Reuters.
Molchanov rated Exxon shares a 'strong buy'.
Berkshire also owns energy and utilities businesses, including MidAmerican Energy, which is buying Nevada utility NV Energy Inc for $5.6bn.
The firm also revealed its stake in in drugmaker GlaxoSmithKline fell while reporting higher stakes in Bank of New York Mellon Corp, dialysis clinic operator DaVita HealthCare Partners Inc, satellite TV provider DIRECTV, Suncor Energy Co , US Bancorp and Verisign Inc.
Shares in Exxon were up 0.68% to $93.22 in morning trading and Berkshire was also up 0.68% to $173,320.
Source: LiveCharts
