In this article, we discuss the 4 stocks that Stanley Druckenmiller was right about. If you want to read about some more stocks that Stanley Druckenmiller was right about, go directly to Stanley Druckenmiller Was Right About These 9 Stocks.
4. Phillips 66 (NYSE:PSX)
Number of Hedge Fund Holders: 41
Percentage Increase in Share Price (YTD): 37.92%
Phillips 66 (NYSE:PSX) is an energy manufacturing and logistics firm. Latest 13F filings show that Duquesne Capital owned 113,335 shares of Phillips 66 (NYSE:PSX) at the end of the first quarter of 2022 worth more than $9.7 million, representing 0.42% of the portfolio.
On May 23, Piper Sandler analyst Ryan Todd maintained an Overweight rating on Phillips 66 (NYSE:PSX) stock and raised the price target to $120 from $119, underlining that there were “more legs” to the refining investment case than the market believes.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in Phillips 66 (NYSE:PSX), with 2.2 million shares worth more than $191 million.
3. Pioneer Natural Resources Company (NYSE:PXD)
Number of Hedge Fund Holders: 54
Percentage Increase in Share Price (YTD): 49.54%
Pioneer Natural Resources Company (NYSE:PXD) is an independent oil and gas firm. Securities filings show that the hedge fund led by Druckenmiller owned 130,375 shares of Pioneer Natural Resources Company (NYSE:PXD) at the end of the first quarter of 2022 worth more than $32 million, representing 1.41% of the portfolio.
On May 31, Mizuho analyst Vincent Lovaglio maintained a Buy rating on Pioneer Natural Resources Company (NYSE:PXD) stock and lowered the price target to $342 from $343, noting that higher energy prices were benefiting exploration and production firms in the oil sector.
Among the hedge funds being tracked by Insider Monkey, Wyoming-based investment firm Adage Capital Management is a leading shareholder in Pioneer Natural Resources Company (NYSE:PXD), with 559,680 shares worth more than $139 million.
In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and Pioneer Natural Resources Company (NYSE:PXD) was one of them. Here is what the fund said:
“Our underweight to the energy sector weighed on performance, as energy prices skyrocketed from inflationary pressures and the threat of reduced supply. We have a limited footprint within the sector but continue to look for companies that will generate strong, long-term returns such as Pioneer Natural Resources Company (NYSE:PXD). Pioneer is an oil and gas exploration and production company that offers a combination of a strong asset base, quality balance sheet and compelling free cash flow yield at current commodity prices. We believe Pioneer Natural Resources Company (NYSE:PXD) has strong underlying drivers that will generate attractive risk-adjusted returns beyond shorter-term fluctuations in energy prices.”
2. SolarEdge Technologies, Inc. (NASDAQ:SEDG)
Number of Hedge Fund Holders: 47
Percentage Increase in Share Price (YTD): 5.63%
SolarEdge Technologies, Inc. (NASDAQ:SEDG) markets semiconductor equipment to the solar industry. Regulatory filings reveal that the investment firm of Druckenmiller owned 29,900 shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) at the end of the first quarter of 2022 worth $9.6 million, representing 0.41% of the portfolio.
On June 2, Oppenheimer analyst Colin Rusch upgraded SolarEdge Technologies, Inc. (NASDAQ:SEDG) stock to Outperform from Perform with a price target of $334, noting the firm was “demonstrating a highly defensible technology position poised for outsized growth”.
Among the hedge funds being tracked by Insider Monkey, London-based investment firm Impax Asset Management is a leading shareholder in SolarEdge Technologies, Inc. (NASDAQ:SEDG), with 588,056 shares worth more than $188 million.
In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and SolarEdge Technologies, Inc. (NASDAQ:SEDG) was one of them. Here is what the fund said:
“The Strategy is well-exposed to this secular shift and to accelerated spending on alternative energy sourcing and generation. Growth in renewables should benefit SolarEdge Technologies, Inc. (NASDAQ:SEDG), a company we repurchased on weakness in the first quarter that develops electronics for solar installations and should take advantage of greater incentives for solar installations in many geographies. SolarEdge Technologies, Inc. (NASDAQ:SEDG) has expanded its products offering to address larger markets in commercial and utility solar on top of its traditional residential solar market.”
1. Teck Resources Limited (NYSE:TECK)
Number of Hedge Fund Holders: 56
Percentage Increase in Share Price (YTD): 50.77%
Teck Resources Limited (NYSE:TECK) is a diversified metals and mining firm. Latest data shows that Duquesne Capital owned 2.4 million shares of Teck Resources Limited (NYSE:TECK) at the end of the first quarter of 2022 worth more than $97 million, representing 4.23% of the portfolio.
On May 2, CIBC analyst Bryce Adams maintained a Neutral rating on Teck Resources Limited (NYSE:TECK) stock and raised the price target to C$52 from C$50. RBC Capital and B Riley have also increased their targets on the stock recently.
At the end of the first quarter of 2022, 56 hedge funds in the database of Insider Monkey held stakes worth $2.6 billion in Teck Resources Limited (NYSE:TECK), compared to 40 in the previous quarter worth $1.6 billion.
You can also take a peek at 10 Penny Stocks Redditors are Buying in August and 10 Best Nickel Stocks to Buy Now.
