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Merewether Investment Management, LP

Q3 2025 · Filed 2025-11-14
Market Value
$4.1B
+18.9%
Holdings
86
+11
New Purchases
24
Added To
22
Closed
18
Reduced
19
Top 10 Concentration
39.0%
Turnover
48.8%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
DD 2.44% 0.00% +2.44% $100M
CMI 2.23% 0.00% +2.23% $91M
NRG 2.10% 0.00% +2.10% $86M
BKR 2.58% 0.53% +2.06% $106M
ETR 4.90% 2.96% +1.94% $200M
NVT 4.10% 2.28% +1.83% $168M
MTZ 4.52% 2.69% +1.83% $185M
EXE 3.95% 2.18% +1.76% $161M
DTM 2.77% 1.09% +1.67% $113M
XEL 3.48% 1.87% +1.61% $142M
B 2.12% 0.58% +1.54% $87M
FSLR 2.27% 0.96% +1.31% $93M
AYI 1.24% 0.00% +1.24% $51M
FTI 1.49% 0.49% +1.00% $61M
GTX 0.99% 0.00% +0.99% $41M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
VST 0.45% 7.42% -6.97% $18M
SHEL 1.31% 5.01% -3.70% $54M
KMI 1.92% 4.03% -2.11% $78M
EQT 3.64% 5.71% -2.06% $149M
PNW 0.00% 1.91% -1.91% $0
GEV 0.00% 1.88% -1.88% $0
TRGP 3.27% 5.03% -1.75% $134M
MOS 0.54% 2.11% -1.57% $22M
CNQ 0.13% 1.66% -1.53% $5M
FLS 0.00% 1.35% -1.35% $0
ATO 0.30% 1.56% -1.26% $12M
KGS 0.00% 1.18% -1.18% $0
FCX 0.00% 1.16% -1.16% $0
ITRI 0.02% 1.15% -1.14% $632K
MPC 0.00% 1.03% -1.03% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 4 $169M 4.1%
Large Cap 54 $3.4B 83.7%
Mid Cap 26 $473M 11.6%
Small Cap 2 $24M 0.6%

Portfolio Analytics

Avg Market Cap
$45.5B
Median Market Cap
$20.0B
Avg P/E
30.2
Median P/E
22.7
Avg Dividend Yield
0.02%
Avg Beta
1.05
# Stocks
85
# ETFs / Funds
1

Top Holdings (86 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 ETR 4.90% 2,148,000 $200M $93.19 $98M +923,700 +75.5%
2 MTZ 4.52% 867,240 $185M $212.81 $92M +324,500 +59.8%
3 SRE 4.29% 1,949,432 $175M $89.98 $48M +272,500 +16.2%
4 NVT 4.10% 1,699,674 $168M $98.64 $89M +631,800 +59.2%
5 EXE 3.95% 1,517,475 $161M $106.24 $86M +875,600 +136.4%
6 SU 3.77% 3,681,304 $154M $41.84 $37M +553,600 +17.7%
7 EQT 3.64% 2,735,086 $149M $54.43 -$47M -628,200 -18.7%
8 XEL 3.48% 1,763,910 $142M $80.65 $78M +818,800 +86.6%
9 TRGP 3.27% 798,177 $134M $167.54 -$39M -194,405 -19.6%
10 NI 3.11% 2,934,594 $127M $43.30 $6M -71,600 -2.4%
11 CVE 2.97% 7,138,222 $121M $16.99 $38M +1,047,500 +17.2%
12 DTM 2.77% 1,000,600 $113M $113.06 $76M +658,400 +192.4%
13 PR 2.77% 8,836,137 $113M $12.80 $39M +3,431,900 +63.5%
14 VLO 2.64% 634,731 $108M $170.26 $37M +103,300 +19.4%
15 BKR 2.58% 2,165,846 $106M $48.72 $87M +1,694,700 +359.7%
16 TLN 2.51% 241,159 $103M $425.38 $23M -32,000 -11.7%
17 DD 2.44% 1,279,700 $100M $77.90 +1,279,700 NEW
18 CNP 2.37% 2,493,500 $97M $38.80 $47M +1,149,637 +85.5%
19 FSLR 2.27% 420,700 $93M $220.53 $60M +222,100 +111.8%
20 CMI 2.23% 215,800 $91M $422.37 +215,800 NEW
21 B 2.12% 2,647,300 $87M $32.77 $67M +1,684,800 +175.0%
22 NRG 2.10% 530,726 $86M $161.95 +530,726 NEW
23 HUBB 2.08% 198,000 $85M $430.31 $17M +31,100 +18.6%
24 KMI 1.92% 2,765,800 $78M $28.31 -$60M -1,944,300 -41.3%
25 XOM 1.91% 693,893 $78M $112.75 $3M -6,500 -0.9%
26 FANG 1.78% 508,750 $73M $143.10 $15M +85,100 +20.1%
27 OVV 1.73% 1,747,097 $71M $40.38 -$11M -399,099 -18.6%
28 FTI 1.49% 1,544,135 $61M $39.45 $44M +1,056,797 +216.8%
29 SHEL 1.31% 750,821 $54M $71.53 -$119M -1,695,800 -69.3%
30 AYI 1.24% 147,100 $51M $344.39 +147,100 NEW
31 RIOT 1.17% 2,510,000 $48M $19.03 $21M +150,700 +6.4%
32 IAG 1.09% 3,432,590 $44M $12.93 $7M -1,586,100 -31.6%
33 GTX 0.99% 2,980,200 $41M $13.62 +2,980,200 NEW
34 LGN 0.99% 1,306,852 $40M $30.81 +1,306,852 NEW
35 STNG 0.94% 686,361 $38M $56.05 +686,361 NEW
36 CVX 0.91% 240,000 $37M $155.29 +240,000 NEW
37 DINO 0.87% 682,400 $36M $52.34 +682,400 NEW
38 CMC 0.66% 468,700 $27M $57.28 +468,700 NEW
39 VNOM 0.65% 697,582 $27M $38.22 +697,582 NEW
40 STLD 0.65% 189,800 $26M $139.43 +189,800 NEW
41 ECG 0.61% 289,700 $25M $85.75 +289,700 NEW
42 COPX 0.56% 379,500 $23M $59.81 +379,500 NEW
43 MOS 0.54% 634,800 $22M $34.68 -$50M -1,349,300 -68.0%
44 WBI 0.54% 870,400 $22M $25.22 +870,400 NEW
45 NXT 0.51% 280,875 $21M $73.99 $12M +125,160 +80.4%
46 WLK 0.51% 268,400 $21M $77.06 +268,400 NEW
47 BKV 0.50% 876,517 $20M $23.13 -$868K
48 GNRC 0.47% 113,799 $19M $167.40 -$19M -152,100 -57.2%
49 DNN 0.46% 6,819,900 $19M $2.75 +6,819,900 NEW
50 ARIS 0.46% 1,913,400 $19M $9.80 +1,913,400 NEW
51 SLB 0.46% 543,200 $19M $34.37 $7M +190,000 +53.8%
52 VST 0.45% 94,022 $18M $195.92 -$237M -1,221,514 -92.8%
53 BTU 0.37% 571,300 $15M $26.52 +571,300 NEW
54 FRO 0.35% 626,500 $14M $22.79 $9M +306,800 +96.0%
55 CDE 0.33% 725,600 $14M $18.76 +725,600 NEW
56 ATO 0.30% 72,936 $12M $170.75 -$41M -275,600 -79.1%
57 BTDR 0.25% 601,700 $10M $17.09 +601,700 NEW
58 LNG 0.24% 42,600 $10M $234.98 +42,600 NEW
59 VC 0.21% 70,700 $8M $119.86 +70,700 NEW
60 CCJ 0.18% 88,854 $7M $83.86 -$5M -81,700 -47.9%
61 HCC 0.17% 108,569 $7M $63.64 -$9M -235,586 -68.5%
62 CNQ 0.13% 168,463 $5M $31.96 -$52M -1,648,000 -90.7%
63 FIX 0.08% 4,169 $3M $825.18 -$34M -65,226 -94.0%
64 SOC 0.06% 138,800 $2M $17.46 -$6M -261,200 -65.3%
65 AA 0.03% 37,500 $1M $32.89 +37,500 NEW
66 ALV 0.02% 6,400 $790K $123.50 $74K
67 DAR 0.02% 20,614 $636K $30.87 -$146K
68 ITRI 0.02% 5,075 $632K $124.56 -$39M -295,712 -98.3%
69 OGE —% -$35M -783,825 -100.0% SOLD
70 EQX —% -$6M -996,200 -100.0% SOLD
71 MPLX —% -$71K -329,802 -100.0% SOLD
72 TS —% -$20M -533,515 -100.0% SOLD
73 PRIM —% -$8M -104,131 -100.0% SOLD
74 KGS —% -$41M -1,185,125 -100.0% SOLD
75 GEV —% -$65M -122,356 -100.0% SOLD
76 FCX —% -$40M -918,156 -100.0% SOLD
77 KGC —% -$27M -1,717,548 -100.0% SOLD
78 AR —% -$3M -81,900 -100.0% SOLD
79 FLS —% -$47M -889,300 -100.0% SOLD
80 PNW —% -$66M -734,180 -100.0% SOLD
81 CTRA —% -$15M -608,400 -100.0% SOLD
82 ESI —% -$28M -1,237,554 -100.0% SOLD
83 MPC —% -$36M -214,000 -100.0% SOLD
84 ET —% -$24M -1,315,612 -100.0% SOLD
85 IREN —% -$21M -1,443,000 -100.0% SOLD
86 HES —% -$33M -240,085 -100.0% SOLD

New Positions

SymbolValue% Port
DD $100M 2.44%
CMI $91M 2.23%
NRG $86M 2.10%
AYI $51M 1.24%
GTX $41M 0.99%
LGN $40M 0.99%
STNG $38M 0.94%
CVX $37M 0.91%
DINO $36M 0.87%
CMC $27M 0.66%
VNOM $27M 0.65%
STLD $26M 0.65%
ECG $25M 0.61%
COPX $23M 0.56%
WBI $22M 0.54%

Sold Out Positions

SymbolValue% Port
AR —%
ESI —%
ET —%
FLS —%
GEV —%
KGC —%
PRIM —%
MPLX —%
MPC —%
KGS —%
TS —%
OGE —%
PNW —%
EQX —%
FCX —%
View SEC EDGAR Filings for Merewether Investment Management, LP →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms