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4 Energy Stocks Smart Money Is Betting On

Big names from Buffett to Soros upped their energy bets

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Cobalt International Energy

CIEPaulson & Co. (John Paulson)

John Paulson’s made headlines over gold and pianos lately, but another big move by the manager centered around Cobalt International Energy (CIE). The hedge fund manager increased his stake in the E&P firm by a whopping 1,743% in the second quarter.

Cobalt has roughly 1.4 million gross undeveloped acres in the Gulf of Mexico, but its huge tracts of undeveloped acreage in Angola could the real ticket to stardom. Those 5.6 million gross acres have already turned in some pretty impressive results with initial test wells and production. Angola has estimated reserves of more than 12.66 billion barrels of crude oil.

With that in mind, Cobalt could be sitting on a virtual ocean of crude. And considering oil’s recent high $100-plus per barrel price tag, Paulson — along with investors that follow his lead — could be sitting on some nice future gains.

CIE currently isn’t profitable, but shares continue to make new highs on each discovery in West Africa.

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