Here’s Why Oakmark Fund is Holding APA Corporation (APA)

Oakmark Funds, advised by Harris Associates, released its “Oakmark Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund returned 8.1% in the first quarter compared to a 7.5% return for the S&P 500 Index. The firm is happy to have the capital compounded at 12% per annum for the past decade. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Oakmark Fund highlighted stocks like APA Corporation (NASDAQ:APA) in the first quarter 2023 investor letter. Headquartered in Houston, Texas, APA Corporation (NASDAQ:APA) engages in oil and natural exploration, development, and production. On April 11, 2023, APA Corporation (NASDAQ:APA) stock closed at $39.92 per share. One-month return of APA Corporation (NASDAQ:APA) was 24.56%, and its shares lost 8.46% of their value over the last 52 weeks. APA Corporation (NASDAQ:APA) has a market capitalization of $12.413 billion.

Oakmark Fund made the following comment about APA Corporation (NASDAQ:APA) in its Q1 2023 investor letter:

“Our largest detractors were Charles Schwab and APA Corporation (NASDAQ:APA). We continue to own each of these investments given their meaningful discounts to our estimate of business value. Additionally, we believe our investments within both energy and financials look particularly attractive today as many of our holdings in these sectors trade for single-digit multiples of their normal earnings.”

APA Corporation (NASDAQ:APA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held APA Corporation (NASDAQ:APA) at the end of the fourth quarter which was 47 in the previous quarter.

We discussed APA Corporation (NASDAQ:APA) in another article and shared the list of best energy dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.