Recurrent Investment Advisors LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Recurrent Investment Advisors LLC reported 51 stock positions worth $949.9 million. Its top holding was Cenovus Energy (CVE) at 7.8% of the portfolio, followed by Energy Transfer (ET, 7.2%) and Cheniere Energy (LNG, 6.6%). Compared with Q1 2024, it opened 2 new positions, sold out of 1, added to 20 and reduced 28. The biggest buy was Sunoco (SUN, shares +226%) and the biggest sale Equitrans Midstream (ETRN, shares −64%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0001803146
- Portfolio Value
- $949.9M (Q2 2024)
- SEC Filing
- 0001420506-24-001533 ↗ filed Aug 14, 2024
Holdings Value
Holdings 51 stocks · $949.9M
| CVE Cenovus Energy Inc. | 7.76% | 3,674,210 | $73.8M | Add +21.1% |
| ET Energy Transfer LP | 7.24% | 4,241,638 | $68.8M | Add +10.3% |
| LNG Cheniere Energy Inc. | 6.63% | 360,245 | $63.0M | Add +37.5% |
| PBA Pembina Pipeline Corp. | 6.28% | 1,596,628 | $59.7M | Add +12.4% |
| SU Suncor Energy Inc. | 5.97% | 1,462,914 | $56.7M | Add +1.9% |
| OKE Oneok Inc. | 5.94% | 692,359 | $56.5M | Add +15.4% |
| WES Western Midstream Partners L | 5.55% | 1,325,930 | $52.7M | Add +2.3% |
| PAGP Plains GP Holdings LP | 5.49% | 2,768,569 | $52.1M | Reduce -0.2% |
| PSX Phillips 66 | 4.94% | 332,590 | $47.0M | Add +8.9% |
| TRGP Targa Resources Corp. | 4.93% | 363,465 | $46.8M | Add +2.3% |
| EPD Enterprise Products Partners | 4.74% | 1,554,379 | $45.0M | Add +27.8% |
| SUN Sunoco LP | 3.98% | 668,593 | $37.8M | Add +226.4% |
| KMI Kinder Morgan Inc. | 3.97% | 1,899,136 | $37.7M | Add +2.3% |
| WMB Williams Cos Inc. | 3.84% | 859,225 | $36.5M | Add +1.3% |
| VNOM Viper Energy Inc. | 3.21% | 812,743 | $30.5M | Reduce -8.2% |
| ARLP Alliance Resource Partners | 2.78% | 1,078,384 | $26.4M | Add +4.9% |
| MPC Marathon Petroleum Corp. | 2.72% | 149,153 | $25.9M | Reduce -14.2% |
| VLO Valero Energy Corp. | 2.51% | 152,065 | $23.8M | Reduce -11.2% |
| ETRN Equitrans Midstream Corp. | 2.31% | 1,687,238 | $21.9M | Reduce -63.9% |
| DTM DT Midstream Inc. | 2.23% | 298,703 | $21.2M | New |
| ENB Enbridge Inc. | 1.71% | 456,244 | $16.2M | Add +17.0% |
| TRP TC Energy Corp. | 0.73% | 183,595 | $7.0M | Add +0.3% |
| TECK Teck Resources Ltd.-CLS B | 0.57% | 83,366 | $5.5M | Reduce -2.5% |
| NTR Nutrien Ltd. | 0.40% | 54,138 | $3.8M | Add +2.8% |
| AA Alcoa Corp. | 0.35% | 83,569 | $3.3M | Reduce -2.9% |
| SHEL Shell PLC-ADR | 0.23% | 153,277 | $2.2M | Add +98.8% |
| FCX Freeport-McMoran Inc. | 0.22% | 43,070 | $2.1M | Reduce -34.8% |
| NUE Nucor Corp. | 0.22% | 13,188 | $2.1M | Reduce -2.9% |
| MT Arcelormittal-NY Registered | 0.21% | 94,537 | $2.0M | Reduce -1.9% |
| COP Conocophillips | 0.20% | 16,367 | $1.9M | Reduce -2.9% |
| BHP BHP Group Ltd.-Spon ADR | 0.18% | 29,699 | $1.7M | Reduce -2.9% |
| B Barrick Gold Corp. | 0.17% | 72,746 | $1.7M | Reduce -2.8% |
| DOW Dow Inc. | 0.17% | 30,732 | $1.6M | Reduce -2.5% |
| WLK Westlake Corp. | 0.15% | 9,883 | $1.4M | Reduce -2.7% |
| NEM Newmont Corp. | 0.13% | 30,224 | $1.3M | Reduce -2.9% |
| XOM Exxon Mobil Corp. | 0.13% | 10,615 | $1.2M | Reduce -1.9% |
| RIO Rio Tinto PLC-Spon ADR | 0.12% | 16,834 | $1.1M | Reduce -2.9% |
| TTE Totalenergies SE -Spon ADR | 0.12% | 16,502 | $1.1M | Reduce -3.0% |
| WRK Westrock Co. | 0.10% | 18,485 | $929K | Reduce -2.7% |
| HAL Halliburton Co. | 0.10% | 27,435 | $927K | Reduce -2.8% |
| FMC FMC Corp. | 0.09% | 14,663 | $844K | Reduce -2.8% |
| DAR Darling Ingredients Inc. | 0.09% | 22,089 | $812K | Add +33.4% |
| MOS The Mosaic Co. | 0.08% | 27,041 | $781K | Add +149.6% |
| IP International Paper Co. | 0.08% | 17,581 | $759K | Reduce -2.7% |
| WY Weyerhaeuser Co. | 0.08% | 26,072 | $740K | Reduce -3.0% |
| PKX Posco Holdings Inc. -Spon ADR | 0.07% | 9,587 | $630K | Reduce -3.0% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.07% | 8,424 | $624K | New |
| BP BP PLC-Spons ADR | 0.06% | 116,022 | $554K | Reduce -1.7% |
| MUSA Murphy USA Inc. | 0.06% | 1,150 | $540K | No change |
| VALE Vale SA-SP ADR | 0.05% | 42,754 | $478K | Reduce -2.8% |
| ADM Archer-Daniels-Midland Co. | 0.05% | 7,694 | $465K | Reduce -2.5% |
Portfolio Sells Q1 2024 → Q2 2024
| ETRN Equitrans Midstream Corp. | Reduce -63.9% | 2.31% | −4.47 |
| MPC Marathon Petroleum Corp. | Reduce -14.2% | 2.72% | −1.34 |
| VLO Valero Energy Corp. | Reduce -11.2% | 2.51% | −0.88 |
| VNOM Viper Energy Inc. | Reduce -8.2% | 3.21% | −0.74 |
| PAGP Plains GP Holdings LP | Reduce -0.2% | 5.49% | −0.38 |
| FCX Freeport-McMoran Inc. | Reduce -34.8% | 0.22% | −0.14 |
| NUE Nucor Corp. | Reduce -2.9% | 0.22% | −0.09 |
| MT Arcelormittal-NY Registered | Reduce -1.9% | 0.21% | −0.07 |
| COP Conocophillips | Reduce -2.9% | 0.20% | −0.05 |
| DOW Dow Inc. | Reduce -2.5% | 0.17% | −0.04 |
| TECK Teck Resources Ltd.-CLS B | Reduce -2.5% | 0.57% | −0.04 |
| WY Weyerhaeuser Co. | Reduce -3.0% | 0.08% | −0.03 |
| HAL Halliburton Co. | Reduce -2.8% | 0.10% | −0.03 |
| WLK Westlake Corp. | Reduce -2.7% | 0.15% | −0.03 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -2.9% | 0.18% | −0.03 |
| XIFR XPLR Infrastructure LP | Sold out | 0.00% | −0.02 |
| PKX Posco Holdings Inc. -Spon ADR | Reduce -3.0% | 0.07% | −0.02 |
| FMC FMC Corp. | Reduce -2.8% | 0.09% | −0.02 |
| B Barrick Gold Corp. | Reduce -2.8% | 0.17% | −0.02 |
| TTE Totalenergies SE -Spon ADR | Reduce -3.0% | 0.12% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -1.9% | 0.13% | −0.02 |
| VALE Vale SA-SP ADR | Reduce -2.8% | 0.05% | −0.01 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -2.9% | 0.12% | −0.01 |
| WRK Westrock Co. | Reduce -2.7% | 0.10% | −0.01 |
| BP BP PLC-Spons ADR | Reduce -1.7% | 0.06% | −0.01 |
| ADM Archer-Daniels-Midland Co. | Reduce -2.5% | 0.05% | −0.01 |
| IP International Paper Co. | Reduce -2.7% | 0.08% | −0.00 |
| NEM Newmont Corp. | Reduce -2.9% | 0.13% | +0.00 |
| AA Alcoa Corp. | Reduce -2.9% | 0.35% | +0.01 |
Portfolio Buys Q1 2024 → Q2 2024
| SUN Sunoco LP | Add +226.4% | 3.98% | +2.55 |
| DTM DT Midstream Inc. | New | 2.23% | +2.23 |
| LNG Cheniere Energy Inc. | Add +37.5% | 6.63% | +1.74 |
| EPD Enterprise Products Partners | Add +27.8% | 4.74% | +0.63 |
| CVE Cenovus Energy Inc. | Add +21.1% | 7.76% | +0.56 |
| PBA Pembina Pipeline Corp. | Add +12.4% | 6.28% | +0.41 |
| ARLP Alliance Resource Partners | Add +4.9% | 2.78% | +0.39 |
| OKE Oneok Inc. | Add +15.4% | 5.94% | +0.37 |
| TRGP Targa Resources Corp. | Add +2.3% | 4.93% | +0.31 |
| ET Energy Transfer LP | Add +10.3% | 7.24% | +0.23 |
| WES Western Midstream Partners L | Add +2.3% | 5.55% | +0.20 |
| ENB Enbridge Inc. | Add +17.0% | 1.71% | +0.07 |
| CF CF Industries Holdings Inc. | New | 0.07% | +0.07 |
| MOS The Mosaic Co. | Add +149.6% | 0.08% | +0.04 |
| KMI Kinder Morgan Inc. | Add +2.3% | 3.97% | +0.03 |
| WMB Williams Cos Inc. | Add +1.3% | 3.84% | +0.01 |
| DAR Darling Ingredients Inc. | Add +33.4% | 0.09% | −0.00 |
| SHEL Shell PLC-ADR | Add +98.8% | 0.23% | −0.01 |
| NTR Nutrien Ltd. | Add +2.8% | 0.40% | −0.05 |
| TRP TC Energy Corp. | Add +0.3% | 0.73% | −0.12 |
| SU Suncor Energy Inc. | Add +1.9% | 5.97% | −0.28 |
| PSX Phillips 66 | Add +8.9% | 4.94% | −0.84 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 71 | $1.6B | TRGP, CVE, ET, OKE, KMI |
| Q1 2026 | 67 | $1.7B | CVE, TRGP, ET, OKE, SU |
| Q4 2025 | 71 | $1.4B | CVE, TRGP, ET, OKE, KEY |
| Q3 2025 | 64 | $1.3B | CVE, ET, TRGP, OKE, SU |
| Q2 2025 | 64 | $1.2B | CVE, ET, OKE, TRGP, LNG |
| Q1 2025 | 65 | $1.2B | ET, LNG, PBA, TRGP, CVE |
| Q4 2024 | 65 | $1.1B | ET, LNG, CVE, OKE, TRGP |
| Q3 2024 | 54 | $1.0B | ET, CVE, PBA, LNG, SU |
| Q2 2024 | 51 | $949.9M | CVE, ET, LNG, PBA, SU |
| Q1 2024 | 50 | $862.5M | CVE, ET, ETRN, SU, PBA |