market folly

Warren Buffett's Berkshire Hathaway has filed a Form 4 with the SEC regarding its stake in Phillips 66 (PSX).  Per the filing, Berkshire was out buying PSX shares on May 19th, 20th, and 23rd.

They purchased 824,630 shares in total at weighted average prices ranging from $76.70 to $78.63.  After these buys, they now own over 76.37 million Phillips 66 shares.

We've previously highlighted how Buffett has been buying PSX across multiple quarters now.

Per Google Finance, Phillips 66 is "an energy manufacturing and logistics company with midstream, chemicals, refining and marketing and specialties businesses. The Company operates its business through four segments: midstream, chemicals, refining and marketing and specialties. It gathers, processes, transports and markets natural gas, and transports, fractionates and markets natural gas liquids (NGL) in the United States. The Chemical segment manufactures and markets petrochemicals and plastics. The Chemicals segment consists of its 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem). The refining segment buys, sells and refines crude oil and other feedstocks into petroleum products (such as gasolines, distillates and aviation fuels) at 14 refineries, mainly in the United States and Europe. The Marketing and Specialties segment purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe."