Recurrent Investment Advisors LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Recurrent Investment Advisors LLC reported 71 stock positions worth $1.4 billion. Its top holding was Cenovus Energy (CVE) at 8.2% of the portfolio, followed by Targa Resources (TRGP, 7.2%) and Energy Transfer (ET, 6.5%). Compared with Q3 2025, it opened 9 new positions, sold out of 2, added to 22 and reduced 29. The biggest buy was a new position in Keycorp (KEY) and the biggest sale PBF Energy Class A (PBF, shares −29%).
- Most Recent 13F
- Q2 2026
- Location
- HOUSTON, TX
- CIK
- 0001803146
- Portfolio Value
- $1.4B (Q4 2025)
- SEC Filing
- 0001420506-26-000354 ↗ filed Feb 13, 2026
Holdings Value
Holdings 71 stocks · $1.4B
| CVE Cenovus Energy Inc. | 8.21% | 6,363,516 | $111.1M | Reduce -0.9% |
| TRGP Targa Resources Corp. | 7.21% | 528,546 | $97.5M | Add +4.3% |
| ET Energy Transfer LP | 6.52% | 5,351,355 | $88.2M | Add +7.3% |
| OKE Oneok Inc. | 6.27% | 1,152,806 | $84.7M | Add +3.4% |
| KEY Keycorp | 6.25% | 1,920,957 | $84.5M | New |
| SU Suncor Energy Inc. | 5.85% | 1,760,388 | $79.2M | Reduce -1.5% |
| PSX Phillips 66 | 4.34% | 454,741 | $58.7M | Reduce -2.1% |
| PBA Pembina Pipeline Corp. | 4.21% | 1,490,143 | $57.0M | Reduce -12.3% |
| EPD Enterprise Products Partners | 4.03% | 1,700,650 | $54.5M | Reduce -2.1% |
| WES Western Midstream Partners L | 3.91% | 1,338,654 | $52.9M | Reduce -1.4% |
| LNG Cheniere Energy Inc. | 3.80% | 264,474 | $51.4M | Reduce -1.5% |
| MUSA Murphy USA Inc. | 3.53% | 118,606 | $47.7M | Add +17.5% |
| PAGP Plains GP Holdings LP | 3.44% | 2,432,797 | $46.6M | Reduce -0.0% |
| MPC Marathon Petroleum Corp. | 3.39% | 281,631 | $45.8M | Add +0.3% |
| WMB Williams Cos Inc. | 3.38% | 760,627 | $45.7M | Add +0.1% |
| DTM DT Midstream Inc. | 3.13% | 353,786 | $42.3M | Add +0.5% |
| KMI Kinder Morgan Inc. | 3.02% | 1,485,473 | $40.8M | Add +0.8% |
| SOBO South Bow Corp. | 2.79% | 1,370,635 | $37.8M | Reduce -14.7% |
| SUN Sunoco LP | 2.63% | 678,623 | $35.6M | Reduce -27.4% |
| PBF PBF Energy Inc. Class A | 2.51% | 1,250,915 | $33.9M | Reduce -29.4% |
| VNOM Viper Energy Inc. Class A | 2.06% | 722,615 | $27.9M | Add +108.8% |
| ENB Enbridge Inc. | 1.64% | 463,219 | $22.2M | Reduce -0.3% |
| B Barrick Mining Corp. | 0.87% | 229,715 | $11.7M | Reduce -0.0% |
| NEM Newmont Corp. | 0.70% | 94,745 | $9.5M | Reduce -0.8% |
| XOM Exxon Mobil Corp. | 0.51% | 57,400 | $6.9M | Reduce -0.7% |
| CVX Chevron Corp. | 0.48% | 42,763 | $6.5M | Reduce -0.7% |
| WLK Westlake Corp. | 0.41% | 75,633 | $5.6M | Add +317.7% |
| DOW Dow Inc. | 0.37% | 215,916 | $5.0M | Add +664.0% |
| FCX Freeport-McMoran Inc. | 0.33% | 87,720 | $4.5M | Reduce -1.7% |
| NTR Nutrien Ltd. | 0.31% | 50,060 | $4.2M | No change |
| COP Conocophillips | 0.23% | 33,272 | $3.1M | No change |
| MTDR Matador Resources Co. | 0.21% | 67,246 | $2.9M | Add +58.0% |
| NUE Nucor Corp. | 0.20% | 16,215 | $2.6M | Reduce -2.9% |
| LYB Lyondellbasell Indu Class A | 0.19% | 59,619 | $2.6M | New |
| EMN Eastman Chemical Co. | 0.19% | 39,831 | $2.5M | New |
| HUN Huntsman Corp. | 0.18% | 246,276 | $2.5M | New |
| VALE Vale SA-SP ADR | 0.18% | 187,430 | $2.4M | Add +43.7% |
| TECK Teck Resources Ltd.-CLS B | 0.17% | 39,294 | $2.3M | Reduce -16.7% |
| RIO Rio Tinto PLC-Spon ADR | 0.15% | 26,047 | $2.1M | Add +67.9% |
| HAL Halliburton Co. | 0.15% | 72,448 | $2.0M | No change |
| CNQ Canadian Natural Resources | 0.15% | 59,242 | $2.0M | No change |
| AA Alcoa Corp. | 0.14% | 35,032 | $1.9M | Reduce -34.4% |
| FANG Diamondback Energy Inc. | 0.13% | 11,756 | $1.8M | No change |
| BHP BHP Group Ltd.-Spon ADR | 0.12% | 26,071 | $1.6M | Reduce -4.8% |
| SHEL Shell PLC-ADR | 0.11% | 53,641 | $1.5M | Add +1.0% |
| PKX Posco Holdings Inc. -Spon ADR | 0.10% | 24,960 | $1.3M | Add +0.0% |
| MOS The Mosaic Co. | 0.09% | 52,047 | $1.3M | Add +108.5% |
| ALB Albemarle Corp. | 0.08% | 7,738 | $1.1M | Reduce -49.3% |
| DAR Darling Ingredients Inc. | 0.08% | 30,165 | $1.1M | Add +0.0% |
| EXE Expand Energy Corp. | 0.08% | 9,689 | $1.1M | No change |
| VLO Valero Energy Corp. | 0.07% | 6,035 | $982K | Reduce -46.4% |
| CCK Crown Holdings Inc. | 0.07% | 9,406 | $969K | No change |
| TTE Totalenergies SE | 0.06% | 14,988 | $833K | Reduce -0.3% |
| CRH CRH PLC | 0.06% | 6,192 | $773K | No change |
| TRP TC Energy Corp. | 0.05% | 12,555 | $691K | Reduce -94.5% |
| CEG Constellation Energy | 0.05% | 1,919 | $678K | Reduce -10.9% |
| VST Vistra Corp. | 0.05% | 4,032 | $650K | Reduce -6.8% |
| MLM Martin Marietta Materials | 0.05% | 1,008 | $628K | No change |
| CCJ Cameco Corp. | 0.05% | 6,757 | $618K | No change |
| CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC | 0.04% | 7,763 | $600K | Add +0.0% |
| MT Arcelormittal-NY Registered | 0.04% | 14,669 | $574K | Reduce -72.6% |
| WY Weyerhaeuser Co. | 0.04% | 24,044 | $570K | Add +0.0% |
| SEE Sealed Air Corp. | 0.04% | 13,350 | $553K | Reduce -85.2% |
| IP International Paper Co. | 0.04% | 13,990 | $551K | New |
| SUNC Sunococorp LLC | 0.04% | 10,800 | $532K | New |
| BP BP PLC-Spons ADR | 0.04% | 118,388 | $514K | Add +1.4% |
| EOG EOG Resources Inc. | 0.04% | 4,637 | $487K | No change |
| SW Smurfit Westrock PLC | 0.03% | 12,221 | $473K | New |
| KNTK Kinetik Holdings Inc. | 0.03% | 11,700 | $422K | New |
| ADM Archer-Daniels-Midland Co. | 0.03% | 7,096 | $408K | Add +0.1% |
| AM Antero Midstream Corp. | 0.02% | 15,000 | $267K | New |
Portfolio Sells Q3 2025 → Q4 2025
| PBF PBF Energy Inc. Class A | Reduce -29.4% | 2.51% | −1.59 |
| ARLP Alliance Resource Partners | Sold out | 0.00% | −1.25 |
| PBA Pembina Pipeline Corp. | Reduce -12.3% | 4.21% | −1.08 |
| LNG Cheniere Energy Inc. | Reduce -1.5% | 3.80% | −1.04 |
| SUN Sunoco LP | Reduce -27.4% | 2.63% | −0.95 |
| TRP TC Energy Corp. | Reduce -94.5% | 0.05% | −0.90 |
| SOBO South Bow Corp. | Reduce -14.7% | 2.79% | −0.70 |
| PSX Phillips 66 | Reduce -2.1% | 4.34% | −0.51 |
| CVE Cenovus Energy Inc. | Reduce -0.9% | 8.21% | −0.41 |
| SEE Sealed Air Corp. | Reduce -85.2% | 0.04% | −0.20 |
| WES Western Midstream Partners L | Reduce -1.4% | 3.91% | −0.18 |
| ENB Enbridge Inc. | Reduce -0.3% | 1.64% | −0.16 |
| EPD Enterprise Products Partners | Reduce -2.1% | 4.03% | −0.13 |
| MT Arcelormittal-NY Registered | Reduce -72.6% | 0.04% | −0.08 |
| VLO Valero Energy Corp. | Reduce -46.4% | 0.07% | −0.07 |
| FMC FMC Corp. | Sold out | 0.00% | −0.03 |
| CVX Chevron Corp. | Reduce -0.7% | 0.48% | −0.03 |
| TECK Teck Resources Ltd.-CLS B | Reduce -16.7% | 0.17% | −0.02 |
| VST Vistra Corp. | Reduce -6.8% | 0.05% | −0.02 |
| ALB Albemarle Corp. | Reduce -49.3% | 0.08% | −0.01 |
| TTE Totalenergies SE | Reduce -0.3% | 0.06% | −0.01 |
| CEG Constellation Energy | Reduce -10.9% | 0.05% | −0.00 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -4.8% | 0.12% | −0.00 |
| AA Alcoa Corp. | Reduce -34.4% | 0.14% | +0.00 |
| XOM Exxon Mobil Corp. | Reduce -0.7% | 0.51% | +0.01 |
| NUE Nucor Corp. | Reduce -2.9% | 0.20% | +0.02 |
| SU Suncor Energy Inc. | Reduce -1.5% | 5.85% | +0.04 |
| PAGP Plains GP Holdings LP | Reduce -0.0% | 3.44% | +0.04 |
| FCX Freeport-McMoran Inc. | Reduce -1.7% | 0.33% | +0.06 |
| NEM Newmont Corp. | Reduce -0.8% | 0.70% | +0.08 |
| B Barrick Mining Corp. | Reduce -0.0% | 0.87% | +0.18 |
Portfolio Buys Q3 2025 → Q4 2025
| KEY Keycorp | New | 6.25% | +6.25 |
| VNOM Viper Energy Inc. Class A | Add +108.8% | 2.06% | +1.05 |
| TRGP Targa Resources Corp. | Add +4.3% | 7.21% | +0.70 |
| MUSA Murphy USA Inc. | Add +17.5% | 3.53% | +0.53 |
| DOW Dow Inc. | Add +664.0% | 0.37% | +0.32 |
| WLK Westlake Corp. | Add +317.7% | 0.41% | +0.31 |
| LYB Lyondellbasell Indu Class A | New | 0.19% | +0.19 |
| EMN Eastman Chemical Co. | New | 0.19% | +0.19 |
| HUN Huntsman Corp. | New | 0.18% | +0.18 |
| DTM DT Midstream Inc. | Add +0.5% | 3.13% | +0.08 |
| RIO Rio Tinto PLC-Spon ADR | Add +67.9% | 0.15% | +0.08 |
| VALE Vale SA-SP ADR | Add +43.7% | 0.18% | +0.07 |
| MTDR Matador Resources Co. | Add +58.0% | 0.21% | +0.06 |
| IP International Paper Co. | New | 0.04% | +0.04 |
| SUNC Sunococorp LLC | New | 0.04% | +0.04 |
| SW Smurfit Westrock PLC | New | 0.03% | +0.03 |
| KNTK Kinetik Holdings Inc. | New | 0.03% | +0.03 |
| MOS The Mosaic Co. | Add +108.5% | 0.09% | +0.03 |
| OKE Oneok Inc. | Add +3.4% | 6.27% | +0.02 |
| AM Antero Midstream Corp. | New | 0.02% | +0.02 |
| DAR Darling Ingredients Inc. | Add +0.0% | 0.08% | +0.01 |
| PKX Posco Holdings Inc. -Spon ADR | Add +0.0% | 0.10% | +0.00 |
| SHEL Shell PLC-ADR | Add +1.0% | 0.11% | +0.00 |
| BP BP PLC-Spons ADR | Add +1.4% | 0.04% | −0.00 |
| ADM Archer-Daniels-Midland Co. | Add +0.1% | 0.03% | −0.00 |
| WY Weyerhaeuser Co. | Add +0.0% | 0.04% | −0.00 |
| CF CF Industries Holdings Inc. | Add +0.0% | 0.04% | −0.01 |
| ET Energy Transfer LP | Add +7.3% | 6.52% | −0.04 |
| KMI Kinder Morgan Inc. | Add +0.8% | 3.02% | −0.18 |
| WMB Williams Cos Inc. | Add +0.1% | 3.38% | −0.31 |
| MPC Marathon Petroleum Corp. | Add +0.3% | 3.39% | −0.76 |
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 |