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Warren Buffett Watch
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Warren Buffett's Berkshire Hathaway Sharply Boosts ConocoPhillips Stake
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] this spring and summer, accumulating a total of 84 million shares as of the end of the third quarter on September 30, according to Berkshire's just-released quarterly portfolio filing with the SEC. That makes Berkshire the biggest holder of Conoco shares, with 5.6 percent of the shares outstanding.
In mid-May, Berkshire reported holding 17.5 million shares as of March 31. That means Berkshire's stake in Conoco increased almost five-fold over six months.
Its Conoco holdings were kept confidential and not included in its portfolio snapshot released in mid-August for the end of the second quarter. A separate filing tonight reveals that Berkshire held 59.7 million shares as of June 30.
At today's closing price of $47.39, Berkshire's stake in Conoco is worth almost $4 billion, and accounts for 7.3 percent of its U.S. stock portfolio. Conoco's stock has dropped almost 32 percent since September 30. At that point, the stake was worth just over $6 billion.
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Today's filing for the third quarter also reveals a new 2.9 million share stake in Eaton Corporation. [ETN
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] That stake was worth about $163 million as of September 30. The stock has dropped 23.5 percent since then, bringing the market value of the holdings down to just under $120 million. Eaton describes itself as a "diversified power management company."
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Berkshire increased its holdings in NRG Energy [NRG
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] to 5 million shares from 3.2 million shares, an increase of 54 percent. Berkshire first started buying NRG shares during the second quarter of this year.
Aside from those three stocks, Buffett wasn't doing any buying for Berkshire through the end of September. Stock market declines accelerated in October, and in the middle of the month Buffett wrote in the New York Times that he'd been enthusiastically picking up U.S. stocks for his personal account. We'll almost certainly have to wait until Berkshire's December 31 snapshot is released in mid-February to see if he was also buying after September 30 for the company's portfolio.
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Berkshire's stake in Bank of America [BAC
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] was almost cut in half during the third quarter, dropping 45 percent to 5 million shares from just over 9 million.
Carmax [KMX
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] dropped to 18.4 million shares from 21.3 million, a decline of 13.4 percent.
Berkshire stake in Home Depot [HD
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] dropped by 11.5 percent, to 3.7 million shares from 4.2 million.
Lowe's [LOW
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] was trimmed by 7.1 percent to 6.5 million shares from 7 million.
Data is a real-time snapshot *Data is delayed at least 15 minutes
