Warren Buffett shows no signs of stopping from increasing his stake in Phillips 66 (NYSE:PSX), an energy company that operates chemicals, oil refining and market businesses. While the price of oil has dropped by more than 20% this year, billionaire keeps reporting a larger stake in Phillips 66 every week since the beginning of January. He now owns 13% of the company. Berkshire’s latest SEC filing shows a total of 69,751,964 PSX shares as of January 14th. The last 719K shares were purchased for prices ranging from $74.9 to $79.6.Berkshire’s recent purchase might signal that oil is at a low or “We’re buying it because we like the company and we like the management very much,” as Buffett told CNBC in September 2015.
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S).