Civitas Resources (CIVI) Benefited From Multiple Tailwinds

Diamond Hill Capital, an investment management company, released its “Small Cap Fund” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund outperformed the Russell 2000 Index and returned 6.31%, compared to the Index’s return of 2.74%. Strength in industrials, energy, and healthcare holdings contributed to the fund’s relative performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Diamond Hill Small Cap Fund highlighted stocks like Civitas Resources, Inc. (NYSE:CIVI) in the Q1 2023 investor letter. Headquartered in Denver, Colorado, Civitas Resources, Inc. (NYSE:CIVI) is an oil and gas exploration and production company. On May 12, 2023, Civitas Resources, Inc. (NYSE:CIVI) stock closed at $66.52 per share. One-month return of Civitas Resources, Inc. (NYSE:CIVI) was -8.73%, and its shares gained 4.81% of their value over the last 52 weeks. Civitas Resources, Inc. (NYSE:CIVI) has a market capitalization of $5.414 billion.

Diamond Hill Small Cap Fund made the following comment about Civitas Resources, Inc. (NYSE:CIVI) in its Q1 2023 investor letter:

“Other top contributors included Red Rock Resorts, Civitas Resources, Inc. (NYSE:CIVI) and Green Brick Partners. Oil and gas exploration and production company Civitas Resources has benefited from high commodities prices combined with its disciplined approach to controlling costs.”

Photo by Zbynek Burival on Unsplash

Civitas Resources, Inc. (NYSE:CIVI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Civitas Resources, Inc. (NYSE:CIVI) at the end of the fourth quarter, which was 34 in the previous quarter.

We discussed Civitas Resources, Inc. (NYSE:CIVI) in another article and shared the list of high growth low PE stocks. In addition, please check out our hedge fund investor letters Q1 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.