Ascentis Independent Advisors Acquires 5,737 Shares of United States Oil Fund LP $USO

Ascentis Independent Advisors increased its holdings in United States Oil Fund LP (NYSEARCA:USO) by 111.2% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 10,898 shares of the company’s stock after buying an additional 5,737 shares during the quarter. Ascentis Independent Advisors’ holdings in United States Oil Fund were worth $1,387,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. HB Wealth Management LLC lifted its stake in United States Oil Fund by 4.0% during the 1st quarter. HB Wealth Management LLC now owns 4,318 shares of the company’s stock valued at $549,000 after acquiring an additional 168 shares during the period. Balentine LLC purchased a new position in shares of United States Oil Fund during the first quarter valued at approximately $258,000. Silver Oak Securities Incorporated purchased a new position in shares of United States Oil Fund during the first quarter valued at approximately $2,051,000. Sovereign Financial Group Inc. bought a new position in United States Oil Fund during the first quarter valued at approximately $1,749,000. Finally, Triad Wealth Partners LLC bought a new position in United States Oil Fund during the first quarter valued at approximately $205,000. Hedge funds and other institutional investors own 67.47% of the company’s stock.

United States Oil Fund Trading Up 0.4%

Shares of USO stock opened at $104.35 on Tuesday. United States Oil Fund LP has a 12-month low of $65.99 and a 12-month high of $154.08. The stock has a market capitalization of $1.73 billion, a P/E ratio of 19.22 and a beta of -0.01. The firm’s 50 day moving average is $129.19 and its 200 day moving average is $105.83.

Key United States Oil Fund News

Here are the key news stories impacting United States Oil Fund this week:

• Positive Sentiment: Escalating tensions near the Strait of Hormuz and ship attacks have lifted oil prices as traders price in a higher risk premium for global crude shipments. U.S. Tech Futures Down, Oil Prices Rise on Ship Attacks Near Hormuz
• Positive Sentiment: U.S. crude inventories remain near minimum operating levels and refined-product demand is still firm, suggesting underlying supply/demand tightness. Natural Gas and Oil Forecast: WTI Defends $69 While Brent Holds $72.65 — NatGas Eyes Higher?
• Positive Sentiment: Ukraine’s strikes on Russian refineries and an oil terminal raise the risk of supply disruptions, which can support crude prices. Ukraine’s military strikes Russian oil refineries, oil terminal in Vysotsk
• Neutral Sentiment: Saudi Arabia’s large price cut to Asian buyers could improve competitiveness, but traders say the discount still isn’t enough to revive demand meaningfully. Saudi oil price cut unlikely to convince sated Asia buyers, traders say
• Neutral Sentiment: Some reports show oil consolidating around key support levels as traders weigh stronger supply against demand, indicating a wait-and-see market. Oil prices gain as focus shifts to supply recovery and demand
• Negative Sentiment: OPEC+ approved another production increase for August, extending a pattern of higher supply that has pressured oil prices and can weigh on USO. Oil slips after OPEC+ agrees to raise output targets
• Negative Sentiment: UAE crude output is nearing record highs, adding to the global supply overhang and limiting the upside for oil. UAE crude output nears record following OPEC exit, sources says
• Negative Sentiment: Several market forecasts warn that supply growth is limiting WTI and Brent’s rebound, suggesting the recent oil rally may be capped. Oil Price Forecast: Supply Growth Limits WTI and Brent Rebound Outlook

United States Oil Fund Profile

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.