Bloomberg – Hedge funds bought $1.6 billion of shares in two oil-services companies in the second quarter as analysts said a drilling boom in the U.S. may spread overseas, helping reverse a slump in the companies’ stock prices.
Ensco Plc (ESV) and Schlumberger Ltd. (SLB) received the most new investment by hedge funds of all energy companies, beating producers such as Marathon Oil Corp. (MRO), according to calculations by Bloomberg from regulatory filings this week. MHR Fund Management LLC, Vinik Asset Management LP and SAC Capital Advisors LP topped the list of buyers.
