Warren Buffett made three significant purchases last week, showing confidence in oil and media sectors even as he has been trimming stakes and building cash.
Insider buying typically indicates that corporate insiders believe stock prices will rise. Such purchases can be encouraging signals for potential investors during market uncertainties.
Berkshire Hathaway purchased nearly 8.9 million shares of Occidental Petroleum at over $408.2 million, further expanding its stake in a company that exceeded third-quarter expectations.
Despite a decline in Occidental's share prices since the earnings report, Buffett’s confidence is highlighted by the consensus price target suggesting a 36% upside.
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