Rockefeller Capital Management L.P. has decreased its holdings in the United States Oil Fund LP (NYSEARCA:USO) by 3.6% during the second quarter of 2024, according to the firm’s latest Form 13F filing with the Securities and Exchange Commission. The company now owns 34,880 shares of the fund after selling 1,317 shares during this period, with a total value of approximately $2,550,000.
Several other institutional investors have also made adjustments to their positions in the United States Oil Fund. Notably, Harvest Fund Management Co. Ltd increased its stake by 83.2% in the first quarter, bringing its total to 142,570 shares valued at $10,882,000 after acquiring an additional 64,734 shares.
In a further sign of investor interest, AlphaQuest LLC purchased a new stake in the fund during the second quarter, valued at approximately $1,211,000. Flow Traders U.S. LLC also expanded its holdings by 22.8%, now owning 71,780 shares worth $5,551,000 after purchasing an additional 13,340 shares. Other notable transactions include Sigma Planning Corp, which established a new position valued at around $779,000, and Bank of Montreal Can, which increased its holdings by 43.8%, now owning 14,069 shares valued at $1,029,000.
As a result of these changes, institutional investors currently hold 67.47% of the United States Oil Fund’s stock.
Stock Performance Overview
On March 25, 2024, the United States Oil Fund’s stock opened at $69.30. The fund has a market capitalization of $909.22 million, a price-to-earnings (P/E) ratio of 19.22, and a beta value of 0.40. Over the past year, the fund has experienced a low of $60.67 and a high of $84.58. Currently, the stock has a 50-day moving average of $72.07 and a 200-day moving average of $73.12.
Understanding the United States Oil Fund
The United States Oil Fund, LP (USO) operates as a commodity pool that issues limited partnership interests, trading on the NYSE Arca. Its primary investment objective is to reflect daily changes in the percentage terms of its shares’ net asset value (NAV) based on the spot price of light, sweet crude oil, specifically delivered to Cushing, Oklahoma. This is measured by the daily fluctuations in the price of the nearest month’s futures contract for light, sweet crude oil traded on the New York Mercantile Exchange, except when the near-month contract is nearing expiration.
The adjustments by Rockefeller Capital Management and other institutional investors highlight ongoing shifts in investment strategies concerning oil-focused funds amid fluctuating market conditions. Investors are closely monitoring these developments as they may influence future performance and investment decisions.
For the latest updates on institutional holdings and stock performance, investors can refer to reliable financial news sources and filings from the Securities and Exchange Commission.
