Another sign energy stocks are headed higher Oil tycoon T. Boone Pickens dives back into energy stocks
Oil tycoon T. Boone Pickens dives back into energy stocks
Published on: August 15, 2016 | Last Updated: August 15, 2016 3:38 PM MDT
Oil tycoon T. Boone Pickens boosted the value of his energy holdings by more than a third in the second quarter, just as the U.S. oil rig count was bottoming out from the worst crude-market crash in a generation.
Energy stocks held by Dallas-based BP Capital Fund Advisors LLC rose by $55 million, or 34 per cent, to $218 million in the second quarter, according to data compiled by Bloomberg. BP Capital added stakes in a total of 8 companies, including more than a handful of pipeline companies, including Enbridge Energy Partners.
He exited positions in a dozen other energy companies, including the world’s largest oil-services provider, Schlumberger Ltd.
In early February, Pickens said he had sold all his oil holdings and was waiting for the best moment to get back in.