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Buffett Steers Berkshire Toward More Petroleum Stock, Fewer Banks

Investor Warren Buffett's company bought another $127 million worth of Occidental Petroleum stock over the past week to give Berkshire Hathaway 213.9 million shares of the oil producer. Berkshire said in a filing with the Securities and Exchange Commission that it bought another 2.2 million Occidental shares. Buffett's company controls nearly 24% of Occidental's stock and holds warrants to buy another 83.9 million shares, but the billionaire recently told shareholders that he has no plans to buy the entire company. Buffett has been regularly buying shares of the Houston-based company since early last year when the stock drops below $60. Occidental shares were selling for $58.23 Tuesday. Meanwhile, Buffett recommitted to Bank of America during the first quarter while dumping two other bank stocks as part of a number of moves in Berkshire Hathaway's portfolio. Berkshire slightly increased its 179.4 million share stake in Bank of America while eliminating long-time stakes in US Bancorp and the Bank of New York Mellon. But Berkshire did pick up nearly 10 million shares of Capital One stock. Some of the biggest moves Berkshire made during the quarter including selling off 35 million Chevron shares had been disclosed before Monday. Berkshire also trimmed its stakes in Activision Blizzard and General Motors.