Warren Buffett's company, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), can't seem to get enough of Occidental Petroleum (NYSE: OXY). The conglomerate recently purchased another 8.9 million shares of the oil company for $405 million.

Berkshire Hathaway's increased stake in Occidental Petroleum Corporation shows confidence in its potential amidst oil price volatility. Click for more on OXY.

Key Takeaways Warren Buffett's Berkshire Hathaway has added to its holdings of shares of Occidental Petroleum and SiriusXM Holdings.According to regulatory filings, Berkshire Hathaway purchased 8.9 million shares of Occidental Petroleum and 5.

Today’s Buffet -driven rally has Occidental Petroleum shares trading at $47.50. The stock’s 50- and 200-day moving averages are overhead in a bearish pattern. This suggests that OXY is likely to shake-off this one-day price pop and maintain its move lower.

Warren Buffett's continued investment in Occidental Petroleum highlights a typical investor's long-term strategy of buying bargains. See why OXY is a strong buy.

Berkshire Hathaway increases Occidental stake as OXY focuses on operational efficiency and shareholder returns

Shares of Occidental Petroleum Corp (NYSE:OXY) are up 4.4% at $47.36 at last glance, after Warren Buffett's Berkshire Hathaway (BRK) bought an addition 8.9 million shares in the energy producer. This is just one of the conglomerate's moves to buy stocks on the dip after the recent selloff, and Occidental is Berkshire's sixth-largest equity holding.

Despite Buffett overseeing stakes in nearly four-dozen securities, the lion's share of Berkshire's invested assets have been put to work in seven top ideas.