Bill Baruch Trims Tesla Stock, Buys Pair Of Energy Names: 'Power Is Going To Be A Big Thing With AI'
- by Benzinga.com
- Sep 24, 2024
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Adam Eckert, Benzinga Staff Writer
September 24, 2024 3:50 PM
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Baruch also sold out of his Schlumberger position for a loss in order to use those losses against some of his gains in Tesla.
“SLB was really a tax harvesting loss to that Tesla profit trade. And what we’re doing is reallocating these monies to energy,” Baruch said.
Why It Matters: The Blue Line Capital founder told CNBC that 13% of his firm’s portfolio is weighted to energy. That didn’t stop him from adding to Exxon Mobil.
Baruch noted that managed money in Crude oil futures has gone net short over the last month or so. When negativity starts to pile up, he suggested that a bottom is usually near.
“Exxon is really cheap. We owned Pioneer Natural Resources before this acquisition and we really like the synergies there. I think Exxon has really outperformed within the space,” Baruch said.
Baruch also increased his exposure to Kinder Morgan as he believes more and more people are going to start talking about the energy requirements of AI.
“Power is going to be a big thing with AI. We really believe in natural gas and the movement, logistically, getting natural gas in order to generate power. Kinder Morgan is going to be right in the thick of that,” Baruch said.
TSLA, SLB, XOM, KMI Price Action: At publication time, Tesla shares were up 1.23% at $253.08, Schlumberger shares were up 0.41% at $43.08, Kinder Morgan shares were up 0.07% at $22.21 and Exxon Mobil shares were down 0.15% at $117.19, per Benzinga Pro.
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