Buffett dumps energy stocks

http://americasmarkets.usatoday.com/2015/02/17/warren-buffett-dumps-energy-stocks/

The energy patch got more bad news: Even Warren Buffett doesn’t see as much value in it.

Buffett revealed Tuesday his Berkshire Hathaway investment company has dumped its holdings in energy giants Exxon Mobil (XOM) as well as ConocoPhillips (COP). Given that Buffett says his favorite holding period is “forever,” seeing him unload major energy companies certainly doesn’t indicate that he sees things getting better anytime soon. The transactions were disclosed Tuesday and covered the period ended Dec. 31, 2014.

It’s somewhat of a big change for Exxon Mobil – as Berkshire held 41.1 million shares as of the third quarter. And Berkshire boosted its stake in Exxon during 2014. Buffett also reported a third quarter holding of 471,994 shares of ConocoPhillips worth $36.1 million.