Viking Fund Management Sells Big Oil Stocks In Q3, Cuts Tesla Position In Half, Adds To Largest Position Broadcom

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 MRO
• Shell PLC SHEL
• SM Energy Company SM
• Southern Copper Corporation SCCO
• Sociedad Quimica y Minera SQM
• Murphy USA MUSA
• Sanofi SA SNY
• Cactus Inc 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 KGS
• EQT Corporation EQT
• HF Sinclair Corporation DINO
• Weatherford International WFRD
• NRG Energy NRG
• Vertiv Holdings VRT
• Chart Industries GTLS
• Vistra Corp VST
• United Microelectronics UMC
• Eversource Energy ES
• Portland General Electric POR
• Restaurant Brands International 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 CIVI: +16,900%
• Broadcom Inc AVGO: +882%
• LyondellBassell Industries LYB: +400%
• Rio Tinto PLC RIO: +386%
• Dow Corp DOW: +200%

Here are the biggest position cuts during the quarter to existing stakes:

• Texas Pacific Land TPL: -60%
• Tesla Inc TSLA: -50%
• Haliburton Company HAL: -40%
• ExxonMobil 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 ABBV: $24.88 million, 4.0%
• NextEra Energy NEE: $22.65 million, 3.7%
• Entergy Corporation ETR: $16.27 million, 2.6%
• BlackRock Inc 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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