Soros take on Devon Energy, while Transocean Stays Ahead of Oil Price Rise
Published By : 18 Feb 2015 | Published By : QYRESEARCH
In the fourth quarter, Soros Fund Management LLC consumed new positions in the energy sector. This also included the stakes in Transocean Ltd and Devon Energy Corp, as filed by regulatory on Tuesday.
The hedge fund firm manages the investments of this company and his family bought around 149,000 shares of Transocean and 385,497 shares of Devon Energy – all in the fourth quarter.
As oil prices and energy stocks have rebounded this month the actions appear regularly after a months-long break.
Brent crude oil prices declined about 60 percent between June and January. However, they rebounded 10 percent more than that in February. Brent crude oil hit the highest this year reaching $63 a barrel.
The S&P energy index declined to about 20 percent between the above given duration and rebounded more than 8 percent in February.
Soro’s purchase of Transocean shares came out of the company’s announcement on February 16 and the company shares have increased 4 percent this year. A spokesman of the company declined to comment further though.
The company abandoned its stakes in Apple Inc., Google Inc, and Intel Corp. It also liquidated positions in Netflix Inc and Wal-Mart Stores Inc during the quarter period.
The fund missed out on 16 percent rally for dumping stakes in Apple in the iPhone segemnt this year.
Soros sold around 1.1 million Apple shares, 67,572 class C shares, 3.9 million Intel shares, and 17,142 class A Google shares.
In addition, the fund that disclosed a Yahoo Inc position sold 3.2 million of its 5.1 million shares in the latest period.
Soros also increased its GM Co stake by 412,438 shares to 3.9 million shares and while those of Herbalife declined by 8.2 percent.