Factors that Boosted Coterra Energy (CTRA) Shares in Q3
Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q3, the portfolio underperformed the Russell Midcap Index, mainly because of industrials holdings, which underperformed relative to benchmark peers. On the other hand, technology holdings provided a comparatively strong performance during a quarter where the sector as a whole saw negative returns. The fund's below-benchmark exposure to healthcare also contributed to the relative performance in Q3. The fund returned -6.02% (net) in Q3 compared to -4.68% returns for the benchmark. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.
Diamond Hill Mid Cap Strategy highlighted stocks like Coterra Energy Inc. (NYSE:CTRA) in its Q3 2023 investor letter. Headquartered in Houston, Texas, Coterra Energy Inc. (NYSE:CTRA) is an oil and gas company. On December 5, 2023, Coterra Energy Inc. (NYSE:CTRA) stock closed at $25.34 per share. One-month return of Coterra Energy Inc. (NYSE:CTRA) was 5.73%, and its shares lost 0.55% of their value over the last 52 weeks. Coterra Energy Inc. (NYSE:CTRA) has a market capitalization of $19.399 billion.
Diamond Hill Mid Cap Strategy made the following comment about Coterra Energy Inc. (NYSE:CTRA) in its Q3 2023 investor letter:
"Other top contributors included Ciena Corporation, Coterra Energy and Webster Financial. Oil exploration and production company Coterra Energy Inc. (NYSE:CTRA) is capitalizing on good assets in the Permian Basin, and its Upper Marcellus holdings are showing promise as well — giving a boost to shares in the quarter."
An oil rig pumping station with a clear sky behind it, illustrating the company's wide range of activities in the oil and gas business.
Coterra Energy Inc. (NYSE:CTRA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Coterra Energy Inc. (NYSE:CTRA) at the end of third quarter which was 34 in the previous quarter.
We discussed Coterra Energy Inc. (NYSE:CTRA) in another article and shared the list of top natural gas-producing companies in the US. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
