Buffett’s Berkshire reports new stake in Canada’s Suncor, shares spike

  • Berkshire Hathaway added more than 10.8 million shares of Suncor, an energy company based in Calgary, Canada.
  • Shares of Suncor jumped as high as nearly 4 percent in after-hours trading on Thursday.
  • The conglomerate also revealed 4.175 million new stake in software company Red Hat.
  • Bershire boosted its investments in many U.S. banks last quarter including Bank of America, U.S. Bankcorp, PNC, Bank of NY Mellon and J.P. Morgan.
  • It dissolved its 41.4 million-share stake in Oracle and decreased its holding of Apple shares to 249.5 million.

Warren Buffett speaks to CNBC’s Andrew Ross Sorkin

Warren Buffett’s Berkshire Hathaway added more than 10.8 million shares of Suncor in the fourth quarter, according to a filing with the Securities and Exchange Commission. 

Suncor, an energy company based in Calgary, Canada, jumped as high as nearly 4 percent in after-hours trading on Thursday.

Buffett’s conglomerate also revealed a new stake of 4.175 million shares in software company Red Hat, according to the company’s 13-F filing. The filing documents the company’s holdings as of end of December.

Berkshire added more than 20 million shares of General Motors in the fourth quarter to a total of 93.19 million shares. It also boosted its investments in many U.S. banks last quarter including Bank of AmericaU.S. BankcorpPNC, Bank of NY Mellon. The company reported adding 14.45 million shares of J.P. Morgan in the fourth quarter, to total 50.116 million shares.

The filing shows Berkshire dissolved its holding of 41.4 million shares in Oracle and decreased its holding of Apple shares nearly 3 million shares, to 249.5 million.

Berkshire Hathaway Inc. filed a quarterly update on its holdings Thursday

Billionaire Warren Buffett’s company has taken a new stake in Canadian firm Suncor Energy and trimmed its huge Apple stake. Investors follow what Berkshire buys and sells closely because of Buffett’s successful track record. (Nati Harnik/Associated Press)

Billionaire Warren Buffett’s company has taken a new stake in Canadian firm Suncor Energy and trimmed its huge Apple stake.

Berkshire Hathaway Inc. filed a quarterly update on holdings with the Securities and Exchange Commission on Thursday.

The Omaha, Nebraska-based company said it owned 10.76 million Suncor shares at the end of last year. But these quarterly filings don’t make clear who made all the investments.

Berkshire said it sold nearly 3 million Apple shares but it still held 249.6 million shares of the iPhone maker.

Investors follow what Berkshire buys and sells closely because of Buffett’s successful track record. Berkshire officials don’t generally comment on these quarterly filings.

Berkshire also sold the 41.4 million Oracle shares it disclosed last quarter and revealed owning 4.2 million shares of Red Hat.

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Warren Buffett gives Canada’s oilpatch a boost with fresh stake in Suncor

TORONTO/WINNIPEG — Warren Buffett’s Berkshire Hathaway Inc said on Thursday it had taken a fresh stake in Suncor Energy Inc for the second time in about six years, sending the U.S.-listed shares of the energy major up 4 per cent in after-market trading.

Suncor, Canada’s biggest oil and gas company, is considered one of the safest Canadian energy companies to invest in, given its integrated structure and diversified business mix.

Berkshire’s investment puts the Buffett stamp on Suncor and could be seen as a positive for the Canadian energy sector. The move comes at a time when global investors have been pulling away from Canada because of its carbon-intensive oil sands and struggle to approve pipelines.

Berkshire said in a filing with the U.S. Securities and Exchange Commission that it has a stake of 10.8 million shares in the company, representing about 0.7 per cent of Suncor’s total outstanding shares, according to Eikon data from Refinitiv.

Ahead of Thursday’s news, Suncor’s shares had shed 17.3 per cent in the last six months, due in part to Alberta’s decision to force mandatory production cuts last year.

The new position comes more than two years after Berkshire sold its stake in Suncor. Berkshire took a position in Suncor in 2013 and exited its stake in 2016.

© Thomson Reuters 2019

Published at Fri, 15 Feb 2019 13:11:40 +0000