Wednesday, November 17, 2010

Pickens Increases BP (NYSE:BP) Stake in Third Quarter

T. Boone Pickens, whose BP Capital Management hedge fund is heavy with energy investment, added to his position in BP Plc (NYSE:BP), and a number of other energy companies.

Others receiving additional investment were Noble (NYSE:NE), Devon Energy (NYSE:DVN), Chesapeake Energy (NYSE:CHK) and Weatherford International (NYSE:WFT).

He increased his stake in Apache (NYSE:APA) by over double, and in Schlumberger (NYSE:SLB) by over three times the number of shares held.

Pickens also sold energy shares, including Anadarko Petroleum (NYSE:APC) and Transocean (NYSE:RIG), which have connection to the BP Gulf of Mexico oil spill, along with Hess (NYSE:HES) and Suncor Energy (NYSE:SU).

Pickens said last week he sees oil prices reaching as high as $100 a barrel in 2011.

BP closed Tuesday at $41.79, losing $1.26, or 2.93 percent.

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