But instead of looking at what he has owned for a long time, let's take a look at what showed up in the Berkshire Hathaway portfolio in the latest reported quarter. First, there is Phillips 66 (PSX), which is actually a spinoff of 28.8 million shares of ConocoPhillips (COP) which Buffett has owned for a while. Phillips 66 operates Conoco, Phillips 66 and 76 (also known as Union 76) gas stations. The stock trades at a very favorable 5.9 times trailing earnings and 8.2 times forward earnings. Earnings for the latest quarter were up 13.7% on an 11.6% drop in revenues. It sports a yield of 1.7%.
One of Buffett's purchases is National Oilwell Varco (NOV), which makes and markets land-based and offshore oil drilling rigs in addition to the major mechanical components for the rigs. It also provides additional services to the oil industry. The stock trades at 15 times earnings and 12 times forward earnings, with a yield of 0.6%. The company reported quarterly earnings that were up an amazing 24.8%.
Lee Enterprises Inc. (LEE) was another Warren Buffett purchase, and a low priced stock purchase at that, with the stock trading at less than $1.50 per share. This Davenport, Iowa based company publishes over 50 daily newspapers in more than 20 states, and more than 300 weekly, classified, and specialty publications. The company recently reported negative earnings and does not pay a dividend.
In case you are wondering what Buffett dumped, there was one stock that he sold out of completely, Intel (INTC). He sold 7.745 million shares providing $217.75 million to the portfolio.
If you want to see what other stocks owned by Warren Buffett's Berkshire Hathaway, you can access the free list at WallStreetNewsNetwork.com, which you can download and sort.
Disclosure: Author owns COP.