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Warren Buffett's Berkshire Hathaway Inc on Thursday disclosed a new $3.45 billion stake in Exxon Mobil Corp, after buying 40.1 million shares in the world's largest publicly traded oil company.
Although the investment represents just 0.9 per cent of Houston-based Exxon's shares, analysts said it reflects strong support by the second-richest American of one of the world's largest and most profitable companies.
"When Warren Buffett gives his seal of approval to any company, that is never a bad thing," said Pavel Molchanov, energy analyst at Raymond James & Associates, who rates Exxon shares a "strong buy."
Exxon shares rose 84 cents, or 0.9 per cent, to $94.06 in after-hours trading following Berkshire's disclosure of its stake in a US Securities and Exchange Commission filing that listed most of its equity investments as of September 30. The shares had risen 63 cents during regular trading.
