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T. Boone Pickens' Largest New Buys During Second Quarter

T. Boone Pickens is an American businessman who chairs the private equity firm BP Capital Management.

His portfolio is composed of 34 stocks with a total value of $79 million, and during the last quarter he bought 16 new stocks. The following are the largest of the new buys.

Pickens bought 40,000 shares of Pioneer Natural Resources Co. (PXD ) with an impact of 6.99% on his portfolio. The company is an oil and gas exploration and production company with operations in the U.S. It explores for, develops and produces oil and gas reserves.

The production for the second quarter reflected strong Spraberry/Wolfcamp production growth driven by Pioneer's successful horizontal drilling program. Net debt-to-book capitalization was 23% at the end of the second quarter, and it expects to maintain a strong balance sheet for the whole year.

The stock is trading with a P/E ratio of 34.47 and has been as high as $203.81 and as low as $105.83 in the past year. It is currently 40.20% below its 52-week high and 15.16% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 117%.

Andreas Halvorsen ( Trades , Portfolio ) is the main shareholder of the company with 4.28% of outstanding shares, followed by Seth Klarman (Trades, Portfolio) with 2.72% of outstanding shares and Steven Cohen (Trades, Portfolio) with 0.33%.

He bought 141,604 shares of Newfield Exploration Co. (NFX) with an impact of 6.45% on his portfolio.

Newfield is an energy company that is engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. Its areas of operation include the Mid-Continent, the Rocky Mountains and onshore Gulf Coast regions of the U.S.

The company had an outstanding quarter in which 2Q15 net domestic production met the upper end of guidance and domestic oil production increased 12% over the prior quarter. Newfield increased full-year 2015 capital budget by $200 million and estimated Anadarko Basin net production raised approximately 0.3 MMBOE over beginning of the year estimate.

The stock is trading with a forward P/E ratio of 42.02 and has been as high as $40.27 and as low as $22.31 in the past year. It is currently 16.36% below its 52-week high and 50.96% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 89%.

George Soros (Trades, Portfolio) is the main shareholder of the company with 0.67% of outstanding shares, followed by Steven Cohen (Trades, Portfolio) with 0.67% and Kyle Bass (Trades, Portfolio) with 0.31%.

He bought 114,427 shares of Continental Resources Inc. (CLR) with an impact of 6.11% on his portfolio.

It is an independent crude oil and natural gas exploration and production company with properties in the north, south and east regions of the U.S.

Continental had a very productive quarter with strong production growth. For 2015 the company is increasing its production growth guidance to a range of 19% to 23%, compared with earlier guidance of 16% to 20% growth over the previous year.

The stock is trading with a P/E ratio of 19.92 and has been as high as $71.20 and as low as $22.56 in the past year. It is currently 61.10% below its 52-week high and 22.78% above its 52-week low. According to the DCF calculator, the company currently looks fairly valued.

The main shareholder of the company is Murray Stahl (Trades, Portfolio) with 0.24% of outstanding shares, followed by Steven Cohen (Trades, Portfolio) with 0.23% and Meridian Funds (Trades, Portfolio) with 0.20%.

Pickens bought 228,300 shares of Patterson-UTI Energy Inc. (PTEN) with an impact of 5.41% on his portfolio.

It is a provider of contract services to the North American oil and natural gas industry. The company owns and operates large fleets of land-based drilling rigs in the U.S.

During the last quarter, Patterson-UTI completed seven new APEX rigs and plans to complete three additional APEX rigs in the second half of this year.

The stock is trading with a P/E ratio of 30.77 and has been as high as $33.75 and as low as $12.98 in the past year. It is currently 60.09% below its 52-week high and 3.78% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 108%.

Kahn Brothers (Trades, Portfolio) is the main shareholder with 0.69% of outstanding shares, followed by Kyle Bass (Trades, Portfolio) with 0.47% and Jim Simons (Trades, Portfolio) with 0.27%.

He increased his stake in Diamondback Energy Inc.(FANG) with an impact of 4.95% on his portfolio, reaching a total of 54,266 shares held.

The company is an independent oil and natural gas company. It is engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas.

During the last quarter, lease operating expenses (LOE) decreased 8% from Q1 2015 and nearly 25% from the high in Q4 2014. Diamondback's Q2 2015 production was 68% up from the year-ago quarter. The company has also raised its production guidance for 2015 from a range of 29.0 to 31.0 Mboe/d to a range of 30.0 to 32.0 Mboe/d, reflecting not only well performance but also the additional wells drilled and completed resulting from decreased cycle times. The company's adjusted net income was $25.2 million, up from $22.4 million in Q1 2015.

The stock is trading with a forward P/E ratio of 76.92 and has been as high as $85.82 and as low as $51.69 in the past year. It is currently 19.60% below its 52-week high and 33.49% above its 52-week low. According to the DCF calculator, the company currently looks overpriced by 89%.

RS Investment Management (Trades, Portfolio) is the main shareholder with 0.74% of outstanding shares, followed by Kyle Bass (Trades, Portfolio) with 0.34% and T Boone Pickens (Trades, Portfolio) with 0.09%.

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This article first appeared on GuruFocus .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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