Warren Buffett's Berkshire Hathaway made two substantial bets on the oil business in the second quarter.
The
famed money manager also cut three of his firm's biggest holdings
sharply in the quarter that ended June 30, regulatory filings on Tuesday
reveal.
Berkshire
reduced its position in Procter & Gamble by nearly 20 percent, cut
its stake in Kraft by a quarter and slashed its position in Johnson
& Johnson by roughly two-thirds. In February, Buffett said he might
sell more J&J stock, given the company's issues with product
recalls.
Berkshire's
big move into oil was engineered by investment managers Todd Combs and
Ted Weschler, who directed the company to accumulate more than 28
million shares of Phillips 66, a ConocoPhillips spin-off. With the big
equity stake, Berkshire may now rank as one of Phillips 66's largest
shareholders.
Berkshire also has a stake in ConocoPhillips of nearly 28.9 million shares, down slightly from the first quarter.
Combs
and Weschler also took a stake of just over 2.8 million shares in top
oilfield equipment maker National Oilwell Varco, just enough to be among
that stock's top 30 holders.
Berkshire
deepened its bet on a Buffett favorite, Wells Fargo, raising its
position by 4 percent. The investment company also raised its stake in
International Business Machines Corp by 3.5 percent.
Source: CNBC
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