Oakmark Select Fund’s Top Q1 2022 Contributor: APA Corporation (APA)

Oakmark Funds, an investment management firm, published its “Oakmark Select Fund” first quarter 2022 investor letter – a copy of which can be seen here.  A decline of 6% was reported by the fund for the first quarter of 2022, compared to the S&P 500 Index, which declined 5% for the same period. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Oakmark Select Fund mentioned APA Corporation (NASDAQ:APA) and explained its insights for the company. Founded in 1954, APA Corporation (NASDAQ:APA)  is a Houston, Texas-based oil and gas company with a $13.3 billion market capitalization. APA Corporation (NASDAQ:APA)  delivered a 45.52% return since the beginning of the year, while its 12-month returns are up by 109.82%. The stock closed at $38.94 per share on April 22, 2022.

Here is what Oakmark Select Fund has to say about APA Corporation (NASDAQ:APA) in its Q1 2022 investor letter:

“Our oil holding, APA Corporation (NASDAQ:APA) (+54%) was one of our top contributors in the quarter as oil prices rallied due to tight supplies, which were then exacerbated by the Russian invasion of Ukraine. Although their share prices have increased considerably, both companies still look quite undervalued even using longer term oil prices in the $65-70 dollar range. Meanwhile, if times are good over the next couple of years, we expect these companies to return significant percentages of their market caps to shareholders.”

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Our calculations show that APA Corporation (NASDAQ:APA) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. APA Corporation (NASDAQ:APA) was in 42 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 33 funds in the previous quarter. APA Corporation (NASDAQ:APA) delivered a 28.13% return in the past 3 months.

In March 2022, we also shared another hedge fund’s views on APA Corporation (NASDAQ:APA) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

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