Oilman Pickens Loads Up on Energy Names
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the tickerspy.com Staff, On Thursday February 18, 2010, 8:45 am
Legendary oilman T. Boone Pickens is still pushing plans to reduce dependence on foreign oil, though his focus has shifted more and more towards natural gas over wind power, where his efforts have hit some speed bumps.
Most recently, Pickens has been supporting legislation that would provide large tax incentives to convert big rigs from diesel fuel to natural gas, according to USA Today. The so-called “Pickens Plan” has all along combined lofty goals with serious profit potential for Pickens, who founded and currently serves as director of Clean Energy Fuels (Nasdaq: CLNE – News), which supplies natural gas for vehicle fleets. Pickens’ wind farm plans, meanwhile, have been scaled back considerably, and he reportedly slashed his order for General Electric (NYSE: GE – News) wind turbines more than in half in January.
Meanwhile, looking at Pickens’ top, U.S.-listed, equity positions at the end of 2009 shows that his hedge fund BP Capital still maintains a tight focus on energy stocks. During Q4, Pickens opened a new stake in Canadian oil and gas company TransAtlantic Petroleum (OTC: TAT – News). He was also increasing stakes in oil and natural gas producer SandRidge Energy (NYSE: SD – News) and oil equipment and services company Wetherford International (NYSE: WFT – News).
Elsewhere, Pickens was trimming stakes in natural gas producer Chesapeake Energy (NYSE: CHK – News), offshore drilling contractor Transocean (NYSE: RIG – News), oil services giant Schlumberger (NYSE: SLB – News), and oil and natural gas producers Devon Energy (NYSE: DVN – News) and Anadarko Petroleum (NYSE: APC – News).
Looking at tickerspy.com’s graph charting the performance of Pickens’ end-of-2009 holdings so far in 2010, one can see that the top holdings have lagged the market somewhat. If you want to see how your performance stacks up to Pickens’ or see some of his other holdings, visit tickerspy.com to see his fund’s top positions and a chart of their combined performance.
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Original post here Yahoo Finance
