T. Boone Pickens Quietly Buying This Stock. If you follow the energy business, you know T. Boone Pickens. In the 1960s, he struck it rich searching for oil. In more recent decades, Pickens has found as much success inside the boardroom, both as a corporate raider and now as a hedge fund manager. Needless to say, the man swings a big stick in the industry. For this reason, I always watch where he’s putting new cash to work. In recent quarters, the billionaire has increased his ownership in a number of pipeline partnerships.
One of his largest positions: a 125,000 share stake in Buckeye Partners, L.P. (NYSE:BPL). With a yield topping 9.6%, income hunters should take note. (Source: “Hedge Fund – BP Capital 13F Holdings,” Insider Monkey, last accessed January 12, 2018.) Pipelines represent a “pick and shovel” play on the country’s oil boom. New “fracking” techniques have unlocked vast quantities of energy across the United States. Oil production has more than doubled over the past 10 years, according to numbers by the U.S. Energy Information Administration.
Source: Income Investors
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