Berkshire Hathaway’s Key Moves During Second Quarter

Berkshire Hathaway also increased its stake in Charter Communications, Inc. (NASDAQ:CHTR) by 42% to over 8.5 million shares worth almost $1.46 billion. The company reported dismal second quarter earnings on August 4. While analysts were expecting it to report EPS of $0.29 on revenue of $2.42 billion, it posted a loss of $1.09 per share and revenue of $2.43 billion. However, these results didn’t seem to deter analysts at Canaccord Genuity, who, on August 5, reiterated their ‘Buy’ rating on the stock and increased their price target to $210 from $205. Stephen Mandel‘s Lone Pine Capital also boosted its holding in Charter Communications, Inc. (NASDAQ:CHTR) during the second quarter; the fund bought over 2 million shares and at the end of June held over 5.77 million shares.

Although shares of Phillips 66 (NYSE:PSX) and National-Oilwell Varco, Inc. (NYSE:NOV) didn’t showed significant movement during the second quarter, the Oracle of Omaha decided to limit his exposure to the energy sector. Berkshire Hathaway sold its entire stakes of almost 7.5 million shares of Phillips 66 (NYSE:PSX) and almost 2.0 million shares of National-Oilwell Varco, Inc. (NYSE:NOV) during the April-June period. Other investors also followed the trend and reduced their positions in these companies. D.E. Shaw cut its stake in Phillips 66 (NYSE:PSX) by 7% to 11.58 million shares and in National-Oilwell Varco, Inc. (NYSE:NOV) by 73% to slightly over 300,000 shares during the second quarter.

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