Envestnet Boosts Holdings
Envestnet Increases Second-Quarter Stakes Across Five Major Energy and Metals Holdings
Anonymous
Envestnet Asset Management increased its second-quarter stakes in Diamondback Energy, FirstEnergy, TC Energy and Cheniere Energy, with reported increases ranging from 3.3% to 39.9%. Envestnet Portfolio Solutions also expanded its holding in the abrdn Physical Precious Metals Basket Shares ETF by 29.6%. The filings show the investment firms adding exposure across energy producers, a utility, a pipeline company and a precious-metals fund; the articles also note that institutional investors hold substantial shares in several of the companies and report generally favorable analyst ratings.
Key Points
1
After its second-quarter increase, Envestnet Asset Management held 433,283 Cheniere Energy shares, valued at $103.6 million.
2
Envestnet’s TC Energy position totaled 1,878,251 shares, worth about $124.5 million at the end of the reporting period.
3
The abrdn Physical Precious Metals Basket Shares ETF tracks spot prices for gold, silver, platinum and palladium, less trust expenses.
4
Some favorable analyst ratings came alongside lower price targets: Morgan Stanley cut its FirstEnergy target from $52 to $49 while maintaining an overweight rating, and Barclays lowered its target from $55 to $54, also retaining overweight.
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