3 energy stocks owned by billionaires to invest in right now
The time is now to invest in energy, at least according to self-made billionaire energy traders Boone Pickens and Andy Hall.
In a recent article by Forbes, the two traders are noted to be calling for a return to much higher prices within the oil sector sooner rather than later. If they are right about the direction oil will take, there will be money to be made in energy stocks.
The following three stocks are owned by at least one of the world’s greatest billionaire investors and has the potential to double, according to Forbes, if Pickens is right about oil at USD$70 by year-end.
Chesapeake Energy (CHK)
Billionaire investor Carl Icahn owns 11 percent of CHK and recently added to his position around USD$13. According to the site, Chesapeake has halted their dividend and said they are looking at selling assets. The last time oil was at USD$70, Chesapeake was USD$25, which would mean a 203 percent return from its price today if that were to happen again.
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SandRidge Energy (SD)
Billionaire investor Prem Watsa owns almost 11 percent of SandRidge, according to Forbes. When oil was USD$70, the stock traded above USD$4 last Novemner—788 percent higher than its current share price.
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Transocean Energy (RIG)
Billionaire Carl Icahn also owns almost 6 percent of Transocean. RIG recently reported better than expected earnings this month, and the last time oil was USD$70, Transocean was USD$24 or almost a 50 percent return from its current share price.
To see the complete list of energy stocks to invest in by Forbes, click here.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.