Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Oasis Petroleum Inc. (OAS): SPO Advisory Buys More Shares as John Scully Shows Interest in E&P Industry

Oil prices are still looking for the bottom, with crude oil (WTI) currently trading slightly above $50 and the latest reports suggesting that with ample supplies and shrinking storage possibilities for oil, the commodity might still go down even further. Nevertheless, Mr. Scully seems to be optimistic as he has been bullish on several companies in the energy sector during the fourth quarter. As mentioned earlier, Pioneer Natural Resources (NYSE:PXD) is the fourth-largest holding in SPO’s 13F portfolio and during the October-December period the investor raised its stake by 25% to 6.85 million shares, valued at $1.02 billion. Pioneer, which is another E&P company, lost 19% in the last year, which is also below the average industry decline of 15%.

Pioneer Natural Resources (NYSE:PXD)

As it is one of the largest companies from the E&P space, Pioneer Natural Resources (NYSE:PXD) has always been on investors’ radars. The last round of 13F filings showed that 59 funds (among those that we track) held long positions with an aggregate value of $3.60 billion worth of the company’s stock, including eight billionaire investors owning roughly half of this aggregate value. SPO Advisory is the largest shareholder of Pioneer Natural Resources among funds that we track, followed by Andreas Halvorsen’s Viking Global with 6.59 million shares. Israel Englander’s Millennium Management and Ken Griffin’s Citadel Investment Group held 1.92 million shares and 1.24 million shares respectively. In addition, Millennium and Citadel boosted their positions in Pioneer Natural Resources (NYSE:PXD) by 1,200% and 2,300% respectively during the fourth quarter, although the holdings still amass less than 1% of their equity portfolios.

Another oil and gas stock on which Mr. Scully has been bullish is Range Resources Corp. (NYSE:RRC), which also comes from the Exploration and Production space. In this $8.3 billion company, SPO Advisory reported a new position with 4.80 million shares, valued at $256.35 million in its last 13F filing. Despite lower oil and gas prices, Range Resources Corp. (NYSE:RRC) seems to be poised for growth as the company reported revenues of $2.71 billion for 2014, up from $1.86 billion in the previous year and its EBITDA surged to $1.78 billion from $826 million in 2013. Among other investors bullish on Range Resources Corp. (NYSE:RRC) are Wallace Weitz’s Wallace R. Weitz & Co. and Magnetar Capital, led by Alec Litowitz and Ross Laser, which raised their stakes by 85% and 24% on the quarter respectively to 2.05 million shares and 1.91 million shares.

Disclosure: None

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.