Shares of United States Oil Fund LP (NYSEARCA:USO) gapped down before the market opened on Friday . The stock had previously closed at $11.81, but opened at $12.09. United States Oil Fund shares last traded at $12.09, with a volume of 969674 shares changing hands.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in United States Oil Fund by 152.4% during the first quarter. JPMorgan Chase & Co. now owns 3,779,412 shares of the company’s stock valued at $47,243,000 after acquiring an additional 10,989,020 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. purchased a new position in United States Oil Fund during the fourth quarter valued at $13,543,000. Banco Santander S.A. purchased a new position in United States Oil Fund during the first quarter valued at $7,642,000. Deutsche Bank AG purchased a new position in United States Oil Fund during the fourth quarter valued at $5,137,000. Finally, The Manufacturers Life Insurance Company purchased a new position in United States Oil Fund during the first quarter valued at $6,314,000.
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About United States Oil Fund (NYSEARCA:USO)
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.
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