Soros Fund Management took new positions in the energy sector in the fourth quarter, including stakes in Devon Energy and Transocean, a regulatory filing showed Tuesday.
The hedge fund firm, which manages the investments of investor George Soros and his family, bought 385,497 shares of Devon Energy and 149,000 shares of Transocean in the fourth quarter, according to a filing with the Securities and Exchange Commission. The actions appear to be timely, as oil prices and energy stocks have rebounded this month after a months-long slump.While Brent crude prices fell about 60 percent between June and January, they have rebounded more than 10 percent in February, with Brent crude hitting its highest this year on Tuesday at $63 a barrel.
The S&P energy index, which had fallen about 20 percent between June and January, has rebounded more than 8 percent in February.
Soros’s purchase of Transocean shares also came ahead of the company’s announcement on Feb. 16 that its chief executive, Steven Newman, was stepping down. Transocean shares are up nearly 4 percent this year.
via CNBC
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