Steven Cohen's SAC Capital Advisors LP hedge fund, like John Paulson, has increased its holdings in oil and/or energy companies the last quarter, pointing to concerns over the continued weakness of the U.S. and global economy.
Paulson acquired 9.2 million shares of Exxon Mobil in the last quarter as well.
For SAC Capital, they increased the number of shares they hold in Exxon Mobil by 2.3 million to 3.64 million.
Concerning their acquisition of more BP shares, they added an additional 2.93 million shares, to bring their total to 2.94 million.
In these weak economic conditions, institutional and other large investors look to energy companies to strengthen their portfolios, as they will usually outperform other equities during those times.
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