Warren Buffett strikes again. We learned this past Tuesday the billionaire investor has been buying when there’s “blood running in the streets” in the energy sector. #-ad_banner-#It was no secret that Buffett and his investment team at Berkshire Hathaway (NYSE: BRK-B) are big fans of Phillips 66 (NYSE: PSX), the nation’s largest refiner. Up until the fourth quarter of 2015, Buffett had steadily increased his stake in the company to the tune of 14.2% of shares outstanding (a position worth more than $5 billion). But the big surprise in Berkshire’s latest 13F report revealed that instead of building onto their… Read More
Warren Buffett strikes again. We learned this past Tuesday the billionaire investor has been buying when there’s “blood running in the streets” in the energy sector. #-ad_banner-#It was no secret that Buffett and his investment team at Berkshire Hathaway (NYSE: BRK-B) are big fans of Phillips 66 (NYSE: PSX), the nation’s largest refiner. Up until the fourth quarter of 2015, Buffett had steadily increased his stake in the company to the tune of 14.2% of shares outstanding (a position worth more than $5 billion). But the big surprise in Berkshire’s latest 13F report revealed that instead of building onto their stake in Phillips 66, Buffett and his investment managers (Ted Weschler and Todd Combs) seem to have found a new darling in the energy space: Kinder Morgan (NYSE: KMI). Kinder Morgan is the largest pipeline operator in the United States. And just as you’d expect, while the price of West Texas Intermediate (WTI) crude has tanked over the past year, so too has the price of Kinder Morgan shares. Now that oil prices have rebounded somewhat in the past week (back to near $30), the talk on the Street is whether we’ve seen… Read More