Here’s Why Greenlight Capital Exited Civitas Resources (CIVI)
Greenlight Capital, an investment management company, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 14.5% net of fees and expenses, in the second quarter compared to an 8.7% return for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Greenlight Capital highlighted stocks like Civitas Resources, Inc. (NYSE:CIVI) in the second quarter 2023 investor letter. Headquartered in Denver, Colorado, Civitas Resources, Inc. (NYSE:CIVI) is an exploration and production company. On August 16, 2023, Civitas Resources, Inc. (NYSE:CIVI) stock closed at $78.11 per share. One-month return of Civitas Resources, Inc. (NYSE:CIVI) was 8.86%, and its shares gained 18.71% of their value over the last 52 weeks. Civitas Resources, Inc. (NYSE:CIVI) has a market capitalization of $6.29 billion.
Greenlight Capital made the following comment about Civitas Resources, Inc. (NYSE:CIVI) in its second quarter 2023 investor letter:
"We closed long positions in Civitas Resources, Inc. (NYSE:CIVI) and Global Payments. Civitas Resources (formerly Extraction Oil & Gas) was a small investment that we initiated in 2019 by purchasing Extraction’s distressed debt before it went bankrupt. The reorganization was successful and our entry price proved to be quite favorable relative to the company’s owned resources. After the recent announcement of a large acquisition outside its core region, we chose to exit the investment at a 35% IRR."
Civitas Resources, Inc. (NYSE:CIVI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 30 hedge fund portfolios held Civitas Resources, Inc. (NYSE:CIVI) at the end of second quarter which was 30 in the previous quarter.
We discussed Civitas Resources, Inc. (NYSE:CIVI) in another article and shared stock picks of David Einhorn’s 2023 portfolio. In addition, please check out our hedge fund investor letters Q2 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.
