Despite the runup in gasoline prices, many investors are waiting for oil stocks to be marked down before they'll buy more. Indeed, a number of big money managers are underweighted in energy stocks vs. the S&P 500's 9.9% weighting.
Miller, Anderson & Sherrerd, for example, has about 7% of its portfolio in oil and gas stocks. Timothy G. Connors, portfolio manager, isn't planning to accumulate a bigger position until the prices of crude oil and gasoline drop.
And PNC Asset Management is ``modestly underweighted'' in the sector, said Stephen P. Utkus, director of investment strategy. ``If they become cheap, we would look to buy again,'' said John B. Franck, PNC's oil industry analyst.