Buffett’s Firm Buys Stake In Pipeline Operator Kinder Morgan
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OMAHA, Neb. (AP) — Berkshire Hathaway Inc. on Tuesday revealed that it has made a new investment in pipeline operator Kinder Morgan and unloaded its stake in Chicago Bridge & Iron as part of several changes to its stock portfolio.
Warren Buffett‘s conglomerate filed an update on its U.S. stock holdings at the end of the year with the Securities and Exchange Commission.
It said it owned 26.5 million shares of Houston-based Kinder Morgan Inc. at the end of December. Pipelines are a business Buffett understands well because Berkshire‘s utility unit owns several natural gas pipeline companies.
Buffett’s remarkably successful track record means that many investors look for ideas to copy in these quarterly filings.
The Omaha, Nebraska-based conglomerate also made changes to several other investments during the quarter:
— Buffett’s company now holds 22.88 million Deere & Co. shares, up from 17.05 million last fall.
— Buffett’s company reduced its stake in AT&T Inc. to leave it with 46.6 million shares, down from 59.3 million.
Besides investments in companies such as Coca-Cola Co., Wells Fargo & Co. and American Express Co., Berkshire owns about 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, retail and manufacturing.