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Buffett buys into another local company: Exxon

🕐 1 min read

James O’Toole

NEW YORK (CNNMoney) — Warren Buffett is betting big on Exxon Mobil.

Buffett’s Berkshire Hathaway revealed Thursday that as of September 30, it held a stake of roughly 40 million Exxon shares. That stake would be worth $3.74 billion at Thursday’s closing price.

The disclosure came on a day when investment managers made filings detailing their third-quarter holdings with the Securities and Exchange Commission.

Exxon is the world’s second largest company by market capitalization after Apple, and Berkshire’s stake only amounts to about 1% of the firm.

Berkshire trimmed its stake in another big oil producer, ConocoPhillips.

Elsewhere in the investment world, Carl Icahn revealed the size of his previously announced Apple stake, worth $2.05 billion as of Thursday’s close.

John Paulson, who made a fortune betting against the housing market, revealed an $88 million stake in FedEx. Fellow hedge fund celebrity Dan Loeb also announced this week that his firm, Third Point, had taken a stake in the shipping giant.

Loeb’s FedEx stake was worth $272 million as of Thursday’s close.

Bill Ackman’s Pershing Square Capital sold its massive J.C. Penney stake in the third quarter, taking a loss of nearly $500 million. But a trio of other large hedge funds — Jana Partners, Appaloosa Management and Farallon Capital Management — revealed small stakes in the ailing retailer.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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