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Billionaire T. Boone Pickens is one of the most well-known investors in the energy space. He has years of experience in the oil and gas industry, and founded his investment fund BP Capital in 1997. Following is a list of top sells of BP Capital Management from the last quarter.

Stock

Symbol

Shares Held -03/31/2011

Shares Held – 06/30/2011

Change in Shares

Oceaneering International, Inc

OII

151,508

0

-151,608

Devon Energy Corporation

DVN

148,413

0

-148,413

ABB Ltd.

ABB

111,600

0

-111,600

A123 Systems, Inc

AONE

465,300

0

-465,300

BP Plc

BP

604,373

583,062

-21,311

Noble Corp.

NE

694,300

673,577

-20,723

Mcmoran Exploration Corp.

MMR

1,171,660

1,130,833

-40,827

Source: 13F filing.

One stock where I don’t agree with Pickens and would recommend going long is A123 Systems, Inc. I am bullish on the electric car prospects and believe the stock has potential to multiply several times if things go the right way. A123 Systems, Inc. designs, develops, manufactures and sells rechargeable lithium-ion batteries and battery systems, and provides research and development services to government agencies and commercial customers. In the transportation industry market, the company works with global automotive manufacturers and tier one suppliers to develop batteries and battery systems for hybrid electric vehicles, plug-in hybrid electric vehicles and electric vehicles. A123 Systems' EPS forecast for the current year is -$1.70 and next year is -$1.00. According to consensus estimates, its top line is expected to grow 104.90% in the current year and 107.90% next year.

A123 recently won a contract with General Motors (GM) to supply future battery packs. This contract has potential to generate $100-300 mn in annual revenues for the company. However, a bigger positive is the fact that this agreement validates A123’s technology leadership in rechargeable batteries and battery systems. Before this contract, A123’s visible production contracts have been with niche providers (Fisker, Smith Electric Vehicles) and the Wall Street has been concerned that announced production deals did not include major automotive OEMs. However, this win allays the concerns and paves way for A123 to generate more supply agreements with tier one automakers in the future.

At 1.0x EV/Sales (2012e) and trading close to its book value I believe A123 offers favorable risk reward given its revenue ramp up and increasing steps towards profitability.

Here are some of the specifics about the companies on the list.

Oceaneering International, Inc. is an oilfield provider of engineered services and products to the offshore oil and gas industry, with a focus on deepwater applications. Through the use of its applied technology, the company also serves the defense and aerospace industries. Oceaneering International's EPS forecast for the current year is $2.00 and next year is $2.50. According to consensus estimates, its top line is expected to grow 11.50% in the current year and 12.90% next year.

Devon Energy Corporation is an independent energy company engaged in exploration, development and production of natural gas and oil. The company's operations are concentrated in various North American onshore areas in the United States and Canada. It also has offshore operations located in Brazil and Angola. Devon's EPS forecast for the current year is $6.21 and next year is $7.52. According to consensus estimates, its top line is expected to grow 4.00% in the current year and 13.00% next year.

ABB Ltd. is engaged in power and automation technologies. The company provides a range of products, systems, solutions and services. Its power businesses focus on power transmission, distribution and power-plant automation and serve electric, gas and water utilities, as well as industrial and commercial customers. ABB's EPS forecast for the current year is $1.58 and next year is $1.93. According to consensus estimates, its top line is expected to grow 21.70% in the current year and 9.90% next year.

BP Plc. is an international oil and gas company. The company operates two segments: Exploration and production, and refining and marketing. BP's EPS forecast for the current year is $6.75 and next year is $6.88. According to consensus estimates, its top line is expected to grow 15.00% in the current year and 7.20% next year.

Noble Corporation is an offshore drilling contractor for the oil and gas industry. It performs contract drilling services with its fleet of 73 mobile offshore drilling units and one floating production storage and offloading unit located globally. As of December 31, 2010, its fleet consisted of 14 semisubmersibles, 12 drillships, 45 jackups and two submersibles. It also owns one FPSO. Noble Corporation's EPS forecast for the current year is $1.73 and next year is $3.86. According to consensus estimates, its top line is expected to grow 0.20% in the current year and 33.10% next year.

McMoRan Exploration Co. is engaged in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area of the United States. The company’s oil and gas operations are conducted through its principal operating subsidiary, McMoRan Oil & Gas LLC. McMoRan Exploration's EPS forecast for the current year is -$0.79 and next year is -$0.74. According to consensus estimates, its top line is expected to grow 25.20% in the current year and 0.50% next year.

Source: Top Sells Of BP Capital Management