United States Oil Fund LP (NYSEARCA:USO – Get Free Report) shares reached a new 52-week high during trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $163.35 and last traded at $161.86, with a volume of 6816128 shares. The stock had previously closed at $156.66.
Specifically, major shareholder Financial Lp Hrt bought 3,983 shares of the company’s stock in a transaction that occurred on Friday, September 11th. The stock was purchased at an average price of $154.35 per share, for a total transaction of $614,776.05. Following the completion of the transaction, the insider owned 161,583 shares in the company, valued at $24,940,336.05. The trade was a 2.53% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder Financial Lp Hrt bought 101,212 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were bought at an average cost of $158.02 per share, with a total value of $15,993,520.24. Following the completion of the purchase, the insider directly owned 61,589 shares of the company’s stock, valued at $9,732,293.78. This represents a -255.44% increase in their position. The disclosure for this purchase is available in the SEC filing.
United States Oil Fund News Roundup
Here are the key news stories impacting United States Oil Fund this week:
- Positive Sentiment: WTI found technical support near $99.30, and a break above $102.50 could reopen a path toward approximately $107.47–$109.74. Oil also rebounded from session lows as traders bought the dip and refocused on supply risks. WTI Crude Oil Forecast: $99 Support Keeps Upside Intact Oil Rebounds From Session Lows As Traders Focus On Supply Risks
- Positive Sentiment: U.S. crude inventories declined for a third consecutive week, a potentially supportive signal for oil prices, although rising gasoline and distillate inventories limited the bullish impact. U.S. Crude Oil Stockpiles Post Moderate Draw
- Neutral Sentiment: Major shareholder Financial Lp Hrt reported both purchases and sales of USO. Its latest transaction was a net increase of 26,615 shares, but the mixed activity offers limited directional information. SEC filing
- Negative Sentiment: Oil prices extended losses after reports that Saudi Arabia could restore or offer additional export cargoes, reducing fears of a prolonged Middle East supply shortage. Oil Prices Extend Losses as Fears of Supply Disruptions Ease
- Negative Sentiment: The Federal Reserve’s rate hike has increased concern that higher borrowing costs could weaken economic activity and oil demand. Futures market backwardation, rising non-OPEC supply and potential demand destruction add pressure to the outlook. The Fed’s Rate Hike Could Backfire If Oil Prices Collapse
United States Oil Fund Trading Down 0.6%
Institutional Investors Weigh In On United States Oil Fund
A number of hedge funds have recently made changes to their positions in the company. Hamilton Wealth LLC bought a new position in United States Oil Fund during the first quarter valued at approximately $55,001,000. Bank of America Corp DE increased its stake in United States Oil Fund by 117.1% in the 1st quarter. Bank of America Corp DE now owns 143,881 shares of the company’s stock worth $18,309,000 after acquiring an additional 77,617 shares during the last quarter. Harvest Fund Management Co. Ltd raised its holdings in shares of United States Oil Fund by 33.9% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 239,149 shares of the company’s stock worth $17,030,000 after acquiring an additional 60,569 shares in the last quarter. Parker Investment Management LLC purchased a new stake in shares of United States Oil Fund during the 1st quarter worth approximately $6,364,000. Finally, Arkadios Wealth Advisors purchased a new stake in shares of United States Oil Fund during the 1st quarter worth approximately $5,326,000. 67.47% of the stock is currently owned by hedge funds and other institutional investors.
About United States Oil Fund
United States Oil Fund, LP (USO) is a commodity pool that issues limited partnership interests (shares) traded on the NYSE Arca, Inc (the NYSE Arca). The investment objective of USO is for the daily changes in percentage terms of its shares’ per share net asset value (NAV) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of the futures contract for light, sweet crude oil traded on the New York Mercantile Exchange, that is the near month contract to expire, except when the near month contract is within over two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire, less USO’s expenses.
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