Should You Hold Coterra Energy (CTRA)?

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy returned 10.42% net in the fourth quarter compared to a 9.18% return for the Russell Midcap Index, and in 2022, it returned -13.12% compared to a -17.32% return for the benchmark. The strategy outperformed the Russell Midcap Index in the fourth quarter and the calendar year. Holdings in information technology, consumer staples, and materials outperformed and contributed to the strategy’s relative performance. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Diamond Hill Mid Cap Strategy highlighted stocks like Coterra Energy Inc. (NYSE:CTRA) in its Q4 2022 investor letter. Headquartered in Houston, Texas, Coterra Energy Inc. (NYSE:CTRA) is an oil and gas company. On February 15, 2023, Coterra Energy Inc. (NYSE:CTRA) stock closed at $24.92 per share. One-month return of Coterra Energy Inc. (NYSE:CTRA) was -1.50%, and its shares gained 9.35% of their value over the last 52 weeks. Coterra Energy Inc. (NYSE:CTRA) has a market capitalization of $19.649 billion.

Diamond Hill Mid Cap Strategy made the following comment about Coterra Energy Inc. (NYSE:CTRA) in its Q4 2022 investor letter:

“Other bottom contributors included energy exploration and production company Coterra Energy Inc. (NYSE:CTRA) and West Coast-focused office and apartment REIT Douglas Emmett (DEI). Investors became concerned about CTRA’s outlook following the company’s 32% – 36% downward revision to its reserve numbers — purportedly in line with SEC proved reserve reporting rules. With shares trading below our estimate of intrinsic value, we are closely monitoring the situation and are prepared to pivot accordingly as more data become available.”

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Coterra Energy Inc. (NYSE:CTRA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Coterra Energy Inc. (NYSE:CTRA) at the end of the third quarter, which was 40 in the previous quarter.

We discussed Coterra Energy Inc. (NYSE:CTRA) in another article and shared the list of most profitable natural gas stocks. In addition, please check out our hedge fund investor letters Q4 2022 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.