United States Oil Fund (NYSEARCA:USO) Sets New 52-Week High – Time to Buy?

United States Oil Fund LP (NYSEARCA:USO)’s share price 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 Trading Up 2.3 %

The business’s fifty day simple moving average is $73.76 and its two-hundred day simple moving average is $74.42. The stock has a market capitalization of $1.45 billion, a P/E ratio of 22.97 and a beta of 0.10.

Institutional Trading of United States Oil Fund

A number of hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its holdings in United States Oil Fund by 279,273.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 41,906 shares of the company’s stock valued at $2,930,000 after purchasing an additional 41,891 shares during the period. FFG Partners LLC lifted its holdings in shares of United States Oil Fund by 2.2% during the 3rd quarter. FFG Partners LLC now owns 76,277 shares of the company’s stock worth $5,333,000 after acquiring an additional 1,640 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of United States Oil Fund during the 3rd quarter worth about $31,000. Savoie Capital LLC bought a new position in shares of United States Oil Fund during the 3rd quarter worth about $3,699,000. Finally, Kovitz Investment Group Partners LLC bought a new position in shares of United States Oil Fund during the 3rd quarter worth about $2,829,000.

About United States Oil Fund

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.