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Warren Buffett’s firm Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) just released its portfolio changes for Q4 2020. The move includes another big bet on energy stocks, following a trend Warren Buffett began last year. Warren Buffett’s energy picks Berkshire revealed a US$4.1 billion investment in shares of Chevron (NYSE:CVX) . The move is interesting at a time when major institutional investors around the globe continue to dump or avoid positions that don’t align with ESG investing criteria. Warren Buffett is known for contrarian investing, so it isn’t really a surprise. Buffett made other energy sector moves in 2020, indicating he has a bullish view on the oil and gas industry as the world looks beyond the pandemic. Berkshire bought Suncor Energy (TSX:SU) (NYSE:SU) stock in a contrarian bet on Canada’s largest integrated energy company. Berkshire also invested US$10 billion to acquire natural gas transmission assets from Dominion Energy . Chevron reported a full-year 2020 loss of US$5.5 billion, or US$2.96 per share. The adjusted loss after special items came in at US$368 million compared to adjusted earnings of US$11.9 billion in 2019. With a market capitalization of more than US$180 billion, Chevron is one of the 10 largest oil companies in the […]
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