United States Oil Fund (NYSEARCA:USO) Hits New 1-Year High – Still a Buy?

United States Oil Fund LP (NYSEARCA:USO) shares hit a new 52-week high on Wednesday . The company traded as high as $83.42 and last traded at $83.34, with a volume of 1667567 shares changing hands. The stock had previously closed at $81.67.

United States Oil Fund Stock Performance

The firm has a market capitalization of $1.43 billion, a PE ratio of 22.97 and a beta of 0.10. The company’s 50-day moving average price is $74.12 and its 200-day moving average price is $74.55.

Institutional Investors Weigh In On United States Oil Fund

Several institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its stake in United States Oil Fund by 2,024.3% in the third quarter. International Assets Investment Management LLC now owns 147,531 shares of the company’s stock valued at $10,315,000 after purchasing an additional 140,586 shares during the last quarter. Clearline Capital LP acquired a new position in shares of United States Oil Fund in the 3rd quarter valued at $5,323,000. Savoie Capital LLC purchased a new position in shares of United States Oil Fund in the 3rd quarter valued at $3,699,000. JPMorgan Chase & Co. raised its stake in United States Oil Fund by 279,273.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 41,906 shares of the company’s stock worth $2,930,000 after acquiring an additional 41,891 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC purchased a new stake in United States Oil Fund in the third quarter valued at $2,829,000.

United States Oil Fund Company 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.