Miller Income Strategy’s New Holdings: Chord Energy (CHRD)

Miller Value Partners, an investment management company, released its “Income Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the strategy returned 11.69% net of fees versus a 1.52% return for the benchmark, ICE BofA US High Yield Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Miller Value Income Strategy featured stocks like Chord Energy Corporation (NASDAQ:CHRD) in its Q1 2024 investor letter. Headquartered in Houston, Texas, Chord Energy Corporation (NASDAQ:CHRD) is an independent production and exploration company. On April 15, 2024, Chord Energy Corporation (NASDAQ:CHRD) stock closed at $185.31 per share. One-month return of Chord Energy Corporation (NASDAQ:CHRD) was 8.89%, and its shares gained 28.67% of their value over the last 52 weeks. Chord Energy Corporation (NASDAQ:CHRD) has a market capitalization of $7.702 billion.

Miller Value Income Strategy stated the following regarding Chord Energy Corporation (NASDAQ:CHRD) in its first quarter 2024 investor letter:

“One of our newest holdings is Chord Energy Corporation (NASDAQ:CHRD), a Williston-basin energy exploration consolidator with a thoughtful capital allocation framework, strong balance sheet and great assets that have low breakeven costs and long lives . Management is aligned with shareholders with approximately 70% of total CEO compensation at risk , and the company recently announced a merger with enerplus, which looks like a good move.”

A technician in a lab coat examining a sample of crude oil.

Chord Energy Corporation (NASDAQ:CHRD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Chord Energy Corporation (NASDAQ:CHRD) was held by 40 hedge fund portfolios, compared to 38 in the previous quarter, according to our database.

We previously discussed Chord Energy Corporation (NASDAQ:CHRD) in another article, where we shared the list of best Russell 2000 stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 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.