Recurrent Investment Advisors LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Recurrent Investment Advisors LLC reported 54 stock positions worth $1.0 billion. Its top holding was Energy Transfer (ET) at 7.3% of the portfolio, followed by Cenovus Energy (CVE, 6.9%) and Pembina Pipeline (PBA, 6.8%). Compared with Q2 2024, it opened 5 new positions, sold out of 2, added to 16 and reduced 32. The biggest buy was a new position in Eqt (EQT) and the biggest sale an exit from Equitrans Midstream (ETRN).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0001803146
- Portfolio Value
- $1.0B (Q3 2024)
- SEC Filing
- 0001420506-24-002436 ↗ filed Nov 14, 2024
Holdings Value
Holdings 54 stocks · $1.0B
| ET Energy Transfer LP | 7.31% | 4,581,247 | $73.5M | Add +8.0% |
| CVE Cenovus Energy Inc. | 6.94% | 4,100,212 | $69.8M | Add +11.6% |
| PBA Pembina Pipeline Corp. | 6.76% | 1,637,910 | $68.0M | Add +2.6% |
| LNG Cheniere Energy Inc. | 6.58% | 367,740 | $66.1M | Add +2.1% |
| SU Suncor Energy Inc. | 6.16% | 1,655,402 | $62.0M | Add +13.2% |
| OKE Oneok Inc. | 6.05% | 667,546 | $60.8M | Reduce -3.6% |
| TRGP Targa Resources Corp. | 5.33% | 362,040 | $53.6M | Reduce -0.4% |
| WES Western Midstream Partners L | 5.31% | 1,397,140 | $53.5M | Add +5.4% |
| PAGP Plains GP Holdings LP | 5.07% | 2,754,572 | $51.0M | Reduce -0.5% |
| PSX Phillips 66 | 4.91% | 376,007 | $49.4M | Add +13.1% |
| EPD Enterprise Products Partners | 4.66% | 1,608,773 | $46.8M | Add +3.5% |
| SUN Sunoco LP | 4.61% | 864,176 | $46.4M | Add +29.3% |
| KMI Kinder Morgan Inc. | 4.16% | 1,892,496 | $41.8M | Reduce -0.3% |
| WMB Williams Cos Inc. | 3.91% | 860,981 | $39.3M | Add +0.2% |
| ARLP Alliance Resource Partners | 2.85% | 1,145,145 | $28.6M | Add +6.2% |
| DTM DT Midstream Inc. | 2.56% | 327,859 | $25.8M | Add +9.8% |
| MPC Marathon Petroleum Corp. | 2.45% | 151,187 | $24.6M | Add +1.4% |
| VNOM Viper Energy Inc. | 2.26% | 504,327 | $22.8M | Reduce -38.0% |
| VLO Valero Energy Corp. | 2.23% | 165,925 | $22.4M | Add +9.1% |
| EQT Eqt Corp. | 2.11% | 579,093 | $21.2M | New |
| ENB Enbridge Inc. | 1.84% | 455,220 | $18.5M | Reduce -0.2% |
| PBF PBF Energy Inc. Class A | 1.15% | 372,078 | $11.5M | New |
| TRP TC Energy Corp. | 0.87% | 183,275 | $8.7M | Reduce -0.2% |
| NTR Nutrien Ltd. | 0.33% | 50,560 | $3.3M | Reduce -6.6% |
| AA Alcoa Corp. | 0.30% | 78,066 | $3.0M | Reduce -6.6% |
| TECK Teck Resources Ltd.-CLS B | 0.27% | 38,580 | $2.7M | Reduce -53.7% |
| MT Arcelormittal-NY Registered | 0.24% | 102,290 | $2.4M | Add +8.2% |
| FCX Freeport-McMoran Inc. | 0.20% | 40,240 | $2.0M | Reduce -6.6% |
| NUE Nucor Corp. | 0.18% | 12,334 | $1.9M | Reduce -6.5% |
| B Barrick Gold Corp. | 0.18% | 68,009 | $1.8M | Reduce -6.5% |
| BHP BHP Group Ltd.-Spon ADR | 0.17% | 27,736 | $1.7M | Reduce -6.6% |
| COP Conocophillips | 0.16% | 15,313 | $1.6M | Reduce -6.4% |
| DOW Dow Inc. | 0.16% | 28,705 | $1.6M | Reduce -6.6% |
| NEM Newmont Corp. | 0.15% | 28,248 | $1.5M | Reduce -6.5% |
| WLK Westlake Corp. | 0.14% | 9,241 | $1.4M | Reduce -6.5% |
| SHEL Shell PLC-ADR | 0.13% | 129,346 | $1.3M | Reduce -15.6% |
| XOM Exxon Mobil Corp. | 0.12% | 9,949 | $1.2M | Reduce -6.3% |
| RIO Rio Tinto PLC-Spon ADR | 0.11% | 15,716 | $1.1M | Reduce -6.6% |
| TTE Totalenergies SE -Spon ADR | 0.10% | 15,445 | $998K | Reduce -6.4% |
| PKX Posco Holdings Inc. -Spon ADR | 0.10% | 14,002 | $980K | Add +46.0% |
| SW Smurfit Westrock PLC | 0.09% | 18,452 | $912K | New |
| FMC FMC Corp. | 0.09% | 13,684 | $902K | Reduce -6.7% |
| WY Weyerhaeuser Co. | 0.08% | 24,339 | $824K | Reduce -6.7% |
| IP International Paper Co. | 0.08% | 16,413 | $802K | Reduce -6.6% |
| DAR Darling Ingredients Inc. | 0.08% | 21,239 | $789K | Reduce -3.9% |
| HAL Halliburton Co. | 0.07% | 25,676 | $746K | Reduce -6.4% |
| SEE Sealed Air Corp. | 0.07% | 18,862 | $685K | New |
| MOS The Mosaic Co. | 0.07% | 25,287 | $677K | Reduce -6.5% |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.07% | 7,864 | $675K | Reduce -6.7% |
| MUSA Murphy USA Inc. | 0.06% | 1,150 | $567K | No change |
| VALE Vale SA-SP ADR | 0.05% | 39,917 | $466K | Reduce -6.6% |
| BP BP PLC-Spons ADR | 0.04% | 109,604 | $432K | Reduce -5.5% |
| ADM Archer-Daniels-Midland Co. | 0.04% | 7,183 | $429K | Reduce -6.6% |
| CWEN Clearway Energy Inc. Class C | 0.02% | 6,600 | $202K | New |
Portfolio Sells Q2 2024 → Q3 2024
| ETRN Equitrans Midstream Corp. | Sold out | 0.00% | −2.31 |
| VNOM Viper Energy Inc. | Reduce -38.0% | 2.26% | −0.95 |
| PAGP Plains GP Holdings LP | Reduce -0.5% | 5.07% | −0.41 |
| TECK Teck Resources Ltd.-CLS B | Reduce -53.7% | 0.27% | −0.30 |
| SHEL Shell PLC-ADR | Reduce -15.6% | 0.13% | −0.10 |
| WRK Westrock Co. | Sold out | 0.00% | −0.10 |
| NTR Nutrien Ltd. | Reduce -6.6% | 0.33% | −0.07 |
| AA Alcoa Corp. | Reduce -6.6% | 0.30% | −0.05 |
| COP Conocophillips | Reduce -6.4% | 0.16% | −0.04 |
| NUE Nucor Corp. | Reduce -6.5% | 0.18% | −0.04 |
| HAL Halliburton Co. | Reduce -6.4% | 0.07% | −0.02 |
| FCX Freeport-McMoran Inc. | Reduce -6.6% | 0.20% | −0.02 |
| TTE Totalenergies SE -Spon ADR | Reduce -6.4% | 0.10% | −0.02 |
| DOW Dow Inc. | Reduce -6.6% | 0.16% | −0.02 |
| BP BP PLC-Spons ADR | Reduce -5.5% | 0.04% | −0.02 |
| MOS The Mosaic Co. | Reduce -6.5% | 0.07% | −0.01 |
| XOM Exxon Mobil Corp. | Reduce -6.3% | 0.12% | −0.01 |
| WLK Westlake Corp. | Reduce -6.5% | 0.14% | −0.01 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -6.6% | 0.17% | −0.01 |
| DAR Darling Ingredients Inc. | Reduce -3.9% | 0.08% | −0.01 |
| ADM Archer-Daniels-Midland Co. | Reduce -6.6% | 0.04% | −0.01 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -6.6% | 0.11% | −0.01 |
| VALE Vale SA-SP ADR | Reduce -6.6% | 0.05% | −0.00 |
| IP International Paper Co. | Reduce -6.6% | 0.08% | −0.00 |
| FMC FMC Corp. | Reduce -6.7% | 0.09% | +0.00 |
| CF CF Industries Holdings Inc. | Reduce -6.7% | 0.07% | +0.00 |
| WY Weyerhaeuser Co. | Reduce -6.7% | 0.08% | +0.00 |
| B Barrick Gold Corp. | Reduce -6.5% | 0.18% | +0.01 |
| NEM Newmont Corp. | Reduce -6.5% | 0.15% | +0.02 |
| OKE Oneok Inc. | Reduce -3.6% | 6.05% | +0.10 |
| ENB Enbridge Inc. | Reduce -0.2% | 1.84% | +0.13 |
| TRP TC Energy Corp. | Reduce -0.2% | 0.87% | +0.13 |
| KMI Kinder Morgan Inc. | Reduce -0.3% | 4.16% | +0.18 |
| TRGP Targa Resources Corp. | Reduce -0.4% | 5.33% | +0.40 |
Portfolio Buys Q2 2024 → Q3 2024
| EQT Eqt Corp. | New | 2.11% | +2.11 |
| PBF PBF Energy Inc. Class A | New | 1.15% | +1.15 |
| SUN Sunoco LP | Add +29.3% | 4.61% | +0.63 |
| PBA Pembina Pipeline Corp. | Add +2.6% | 6.76% | +0.48 |
| DTM DT Midstream Inc. | Add +9.8% | 2.56% | +0.33 |
| SU Suncor Energy Inc. | Add +13.2% | 6.16% | +0.19 |
| SW Smurfit Westrock PLC | New | 0.09% | +0.09 |
| ARLP Alliance Resource Partners | Add +6.2% | 2.85% | +0.07 |
| ET Energy Transfer LP | Add +8.0% | 7.31% | +0.07 |
| SEE Sealed Air Corp. | New | 0.07% | +0.07 |
| WMB Williams Cos Inc. | Add +0.2% | 3.91% | +0.06 |
| PKX Posco Holdings Inc. -Spon ADR | Add +46.0% | 0.10% | +0.03 |
| MT Arcelormittal-NY Registered | Add +8.2% | 0.24% | +0.03 |
| CWEN Clearway Energy Inc. Class C | New | 0.02% | +0.02 |
| PSX Phillips 66 | Add +13.1% | 4.91% | −0.03 |
| LNG Cheniere Energy Inc. | Add +2.1% | 6.58% | −0.05 |
| EPD Enterprise Products Partners | Add +3.5% | 4.66% | −0.09 |
| WES Western Midstream Partners L | Add +5.4% | 5.31% | −0.23 |
| MPC Marathon Petroleum Corp. | Add +1.4% | 2.45% | −0.28 |
| VLO Valero Energy Corp. | Add +9.1% | 2.23% | −0.28 |
| CVE Cenovus Energy Inc. | Add +11.6% | 6.94% | −0.83 |
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 |