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Economy
What would Warren do? Buy more Phillips 66
2016-01-15
[Rooters] Warren Buffett is expanding his bet on the oil industry, slowly adding to his already large stake in oil refiner Phillips 66 (PSX.N) even as crude oil prices have sunk to a 12-year low.

From Jan. 4 to Jan. 11, Berkshire Hathaway Inc (BRKa.N), which Buffett has run since 1965, paid about $390 million for an additional 5.1 million shares of Phillips 66, according to filings with the U.S. Securities and Exchange Commission.

The purchases boosted Berkshire's investment in Phillips 66 to 65.68 million shares, or about 12.3 percent of those outstanding, worth $5.21 billion as of Thursday's market close.

Phillips 66 shares closed up $4.03, or 5.4 percent, at $79.28 on the New York Stock Exchange.
Posted by:Besoeker

#3  Buffet at his best was a yield chasing investor in straightforward sectors.
Lower prices tend to mean higher yields.
Posted by: Bright Pebbles   2016-01-15 08:55  

#2  WB has always been a "buy in when they're down" kinda guy. BNSF, Dairy Queen, etc.
That's how you aquire equity.
Posted by: ed in texas   2016-01-15 08:16  

#1  Last dividend was what, 2.4% ? Refiners make about a penny per gallon. I don't think that it depends on the feedstock price. Exxon pays a dividend also.
Posted by: Sven the pelter   2016-01-15 07:10  

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