market folly

Warren Buffett's Berkshire Hathaway has filed another Form 4 with the SEC regarding its stake in Phillips 66 (PSX).  Per the filing, Berkshire was buying PSX shares on June 3rd, 6th, and 7th at prices ranging from $80.085 to $80.76.  In total, Berkshire bought 469,604 shares.

We highlighted how Berkshire Hathaway bought PSX shares last month as well, as this has been an ongoing purchase for some time.

After the most recent transactions, Berkshire now owns over 78 million PSX shares.

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."