저자: CooperAcademy진행자 · 외국인
요약 보기
워런 버핏이 2022년 초 옥시덴탈 페트롤리엄(OXY)을 대규모 매수한 배경을 분석하고, 보험사 알리구니(Alleghany) 인수 소식까지 다룬 영상이다. 버핏의 최근 행보: 2020~2021년 동안 순매도 기조였으나, 2022년 2월 28일부터 옥시에 약 70억 달러를 투입해 보유 비중 약 13%, 포트폴리오 9번째 규모 포지션이 됐다. 버핏은 2월 25일 실적발표 콘퍼런스콜 녹취록을 읽고 매수를 결정했다고 CNBC 베키 퀵에게 전했다. 평균 매수가는 약 56달러이며, 워런트로 6000만 주 이상을 60달러 근처에 살 수 있는 권리도 있다. 옥시 투자 근거(진행자 분석): 첫째, 2021년 순이익이 -1억 4600만 달러에서 15억 4000만 달러로 개선됐고 매출은 52.9억에서 79.1억 달러로 늘었다. 둘째, 부채를 67억 달러 줄였다. 셋째, 배당을 주당 0.01달러에서 0.13달러로 올렸고 S&P500 배당수익률 수준을 목표로 한다고 밝혔다. 넷째, 일일 생산량이 초기 가이던스보다 약 2.7만 배럴 높은 116.7만 BOE다. 다섯째, 넷제로 목표와 Scope 1·2 배출 감축을 진행 중이다. 진행자는 CEO 비키 홀립의 부채 상환·장기 주주 중시 성향이 버핏과 닮았다고 평가했다. 주가 흐름: 2021년 25~30달러에서 실적발표 이후 급등해 발언 시점 60달러 이상이다. 진행자는 버핏이 훨씬 싸게 샀다고 강조했다. 알리구니 인수: 버크셔 해서웨이가 알리구니를 116억 달러 현금, 주당 약 848달러에 인수하기로 했다. 30일 평균가 대비 약 16% 프리미엄이며, PER 10.5배로 시장 PER 25.7배보다 싸다. 버핏이 60년 넘게 보험업을 관찰했고, CEO 조셉 브랜든은 버크셔 재보험 사업을 운영한 인물이라 장기 경영 철학을 공유한다고 평가했다. 버크셔의 현금 1467억 달러 활용 측면도 언급했다. 리스크: 영상은 개별 종목 투자의 위험성을 언급했고, 스폰서 Composer 광고가 포함돼 있다. 종목별 목표가·기간에 대한 구체적 예측은 없다.
다듬은 글
Before we begin, I'd like to thank Composer for sponsoring this video, but more on that later. If there was one word to describe what Warren Buffett has been up to over the past couple of years, that word would be quiet. If you look at his trading activity over this time, interestingly enough, we can see that he has been very unbufflike.
He has sold more stocks than he has bought. However, recently Buffett in a turn of the tide, he starts buying this one stock like crazy. That stock is an oil company, Oxy Dental Petroleum. This is very important because Buffett has a history of spotting cheap, good- quality stocks. And okay, it may be an opportunity for us to buy into it as well.
But we need to dig a bit deeper. So thanks to the SEC and their requirements, Buffett disclosed a couple of weeks ago that he had bought $4.5 billion worth of Oxidental. Then the week after he disclosed, I've bought another $1.5 billion. Then the week after that, he bought $18.1 million shares worth another $1 billion.
In total, that's a 7 billion purchase, making up his ninth largest position now in his portfolio. It's a big move that Buffett's been making. He now owns more than 13% of Oxy's outstanding shares. So this is a totally different sentiment to the likes of what we're used to seeing with Buffett over the past couple of years, which is basically doing effectively no buying.
So the question is why has he changed his mind? Why is he buying so big into this particular stock an oil company of all companies that he could buy? Now, unfortunately, Buffett hasn't come up publicly and explained exactly why he bought the stock, and that's fair enough. He doesn't have to do that.
But he did have an off-air discussion with CNBC's Becky Quick. So, Quick reported that Buffett told her that we started buying on Monday, February the 28th, and we bought all that we could. He said he decided the weekend before to start buying after reading a transcript of Oxidental's February the 25th earnings conference call.
He said, "I read every word and said this is exactly what I would be doing. CEO Vicky Hollib is running the company the right way." Buffett told Becky Quick. So there we go. That's a big clue as to the first reason he's buying. there was something in the earnings core transcript that he loved which made him buy so big into Oxidental.
So what I've been doing over the past half an hour or so is going over this transcript and I got to say after reading it made me want to buy the stock as well. If I had a bit more cash maybe I would do so. The company has done so well and the CEO is onto it. So, for me, I found five key reasons why the stock is so attractive right now, especially to an investor like Warren Buffett.
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No coding or messy spreadsheets required. And it's 100% free for Kooper Academy subscribers. Just use the link in the description to sign up today. That's the link in this video's description. Okay, let's get back onto the five reasons why Buffer bought Oxy Dental. The first is increased financial performance.
2021 has been an amazing year numbers-wise for the company where earnings wans from negative $146 million to a positive 1.54 billion. Revenue went from 5.29 billion to 7.91 billion. Second reason is the balance sheet has improved a lot. They reduced debt by 6.7 billion and increased common stock equity.
Third reason they increased their dividend from $0.01 to0.13 and in the transcript it said they have a goal of having the same dividend yield as the S&P 500. Fourth reason is operational performance improved. Their production for the year averaged 1.167 BOE barrels per day. So that's 27,000 higher than their initial guidance.
And the fifth reason is they increased sustainability. They are one of only a few oil and gas companies with net zero goals and they have managed to reduce scopes one and two CO2 equivalent emissions. So you add all of these things together as well as the CEO who seems to have values similar to Buffett, eg paying off debt, long-term thinking, always focusing on the shareholder.
And it doesn't surprise me at all why Warren Buffett has bought big into Oxy. Oxy Dental has been one heck of a stock to own for anyone who got in before this year. 2021, it was selling for around $25 $30. And ever since that earnings call on February the 25th, the stock took off. And as of today, it's selling for over $60 a share.
But Buffett, he didn't get in early. He only started buying big after he read the earnings call transcript on February the 25th. So he only got in at a price between $51 and $58 with the weighted average being around the $56 mark. Buffett also has warrants to buy another $84 million shares at an exercise price just under $60 per share.
So that means that us, the regular investor, can still get in at a price similar to what Warren Buffett bought at. As we talked about earlier on, it's been a very rare thing over the past couple of years for Buffett to buy large into a stock. I was surprised when he bought so much oxyel. I was even more surprised that while I was making this video, Buffett started making news headlines again, breaking his biggest deal in six years.
Warren Buffett's Berkshire Hathaway agreeing to buy Alagany. This deal 11.6 billion in cash about $848 a share. Warren Buffett decided to do something he hadn't done in years apart from Oxy Dental. He bought out the checkbook and purchased an insurance company. Burkshshire Haway will spend 11.6 6 billion to buy the insurance company Alagany.
This is one of the five largest acquisitions in Burkshire's history. So if we break that down, it's worth an average price of $848 per share. So that's about a 16% premium to Alagany's average stock price in the past 30 days. And obviously since Buffett bought it, the market started to price the shares higher around the price that he paid.
Now, this is such a typical Buffett stock to buy. First of all, because of the numbers, Alagany hauled in more than $12 billion in sales last year and 1.1 billion in net earnings. So, that gives it a PE ratio of what he paid of 10.5, which is way cheaper than the market's PE of 25.7. So, it's cheap.
That's the first thing that Buffett likes. Second is it's an insurance company which Buffett knows this industry back to front. He bought his first stake in the insurance business way back in 1967 and he said he has closely observed Alagany for more than 60 years. Third is Buffett likes the chief executive of Alagany, Joseph Brandon.
Interestingly enough he used to run Berkshire's reinsurance business back from 2001 to 2008. And Buffett said that they both share a philosophy of managing businesses for the long term. And the fourth reason is it also helps Buffett deploy some of that $146.7 billion of cash that he has on him which he has been waiting so long to buy something with.
I'm sure he's somewhat of a relieved man to pick up both Alagany and a lot of oxy as
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