Berkshire Hathaway has trimmed its holding in PetroChina to 6.97% from 7.29%, selling 66.6M of the company's "H" shares at an average price of HK$11.99 each, or a total of HK$798.7M (US$102M), on September 21 (ADR chart included). The sale was disclosed in a filing with the Hong Kong Stock Exchange. It was the fifth time billionaire investor Warren Buffett's holding company has sold shares in Asia's top oil and gas producer since July 12. Since then, PetroChina shares, which closed down 3.4% at HK$14.10 on Monday after hitting a record high of HK$15.28, had risen some 15% as investors snap up the shares on strong oil prices. Buffett is still the company's second-largest shareholder behind China National Petroleum Corp., the company's state-owned parent, which holds 88.21% of the company. Some Berkshire investors have called on Buffett to sell the entire stake because of China National's operations in Sudan, which has been accused of Genocide (full story). The company's ADR shares are up 80% over the recent 52-week period; shares are down 4.4% in pre-market action as of 7:40 a.m. ET on the news.
Sources: MarketWatch, Reuters Commentary: Going Long China: Seeing Is Believing • PetroChina Gains From Easing of Petroleum Price Controls • Berkshire Hathaway: Barron’s Most Respected Company
Stocks/ETFs to watch: BRK, PTR
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