A new 13F filing from Viking Fund Management reveals which companies the fund bought and sold in the third quarter, including exiting some oil companies ahead of the 2024 election.
Third Quarter Exits: Viking Fund Management sold out of eight stocks completely in the third quarter, including positions in some of the largest oil companies.
Here are the positions exited, as reported by 13finfo:
- Marathon Oil (NYSE:MRO)
- Shell PLC (NYSE:SHEL)
- SM Energy Company (NYSE:SM)
- Southern Copper Corporation (NYSE:SCCO)
- Sociedad Quimica y Minera (NYSE:SQM)
- Murphy USA (NYSE:MUSA)
- Sanofi SA (NYSE:SNY)
- Cactus Inc (NYSE:WHD)
Third Quarter New Positions: The following were the new stocks added to the fund in the third quarter, ranked in size by the dollar value at the end of the quarter.
- Kodiak Gas Services (NYSE:KGS)
- EQT Corporation (NYSE:EQT)
- HF Sinclair Corporation (NYSE:DINO)
- Weatherford International (NASDAQ:WFRD)
- NRG Energy (NYSE:NRG)
- Vertiv Holdings (NYSE:VRT)
- Chart Industries (NYSE:GTLS)
- Vistra Corp (NYSE:VST)
- United Microelectronics (NYSE:UMC)
- Eversource Energy (NYSE:ES)
- Portland General Electric (NYSE:POR)
- Restaurant Brands International (NYSE:QSR)
- Nutrien (NTR.TO – Canada)
Big Moves: The fund made several changes to its existing positions alongside the new positions and exited positions.
Here are the biggest additions in the quarter to existing stakes:
- Civitas Resources (NYSE:CIVI): +16,900%
- Broadcom Inc (NASDAQ:AVGO): +882%
- LyondellBassell Industries (NYSE:LYB): +400%
- Rio Tinto PLC (NYSE:RIO): +386%
- Dow Corp (NYSE:DOW): +200%
Here are the biggest position cuts during the quarter to existing stakes:
- Texas Pacific Land (NYSE:TPL): -60%
- Tesla Inc (NASDAQ:TSLA): -50%
- Haliburton Company (NYSE:HAL): -40%
- ExxonMobil (NYSE:XOM): -36%
- Ovintiv (OVV.TO – Canada): -33%
Why It's Important: At the end of the quarter, these are the fund's largest positions ranked by dollar value and the percentage they make up of the fund:
- Broadcom: $27.96 million, 4.5%
- AbbVie Inc (NYSE:ABBV): $24.88 million, 4.0%
- NextEra Energy (NYSE:NEE): $22.65 million, 3.7%
- Entergy Corporation (NYSE:ETR): $16.27 million, 2.6%
- BlackRock Inc (NYSE:BLK): $14.24 million, 2.3%
The fund added significantly to its position in Broadcom, which remains the largest holding.
The quarter saw the sale of several oil stocks, but the fund opened new positions in several energy names in the quarter.
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