Soros Fund Invested in Energy Last Quarter

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

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.