Wasatch Global Investors, an investment management firm, released its “Wasatch Micro Cap Value Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its benchmark during the quarter. The quality-oriented positioning was the main reason for the strategy’s outperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Wasatch Micro Cap Value Strategy highlighted stocks like HighPeak Energy, Inc. (NASDAQ:HPK) in the third quarter 2023 investor letter. Headquartered in Fort Worth, Texas, HighPeak Energy, Inc. (NASDAQ:HPK) is an independent oil and natural gas company. On December 22, 2023, HighPeak Energy, Inc. (NASDAQ:HPK) stock closed at $14.40 per share. One-month return of HighPeak Energy, Inc. (NASDAQ:HPK) was -11.33%, and its shares lost 34.87% of their value over the last 52 weeks. HighPeak Energy, Inc. (NASDAQ:HPK) has a market capitalization of $1.849 billion.
Wasatch Micro Cap Value Strategy made the following comment about HighPeak Energy, Inc. (NASDAQ:HPK) in its Q3 2023 investor letter:
“We also added HighPeak Energy, Inc. (NASDAQ:HPK), an exploration & production (E&P) company that performs geological and geophysical services, petroleum engineering and drilling. HighPeak is focused on developing unconventional oil and natural gas reserves primarily in the Midland Basin of Texas. We like that the company’s energy reserves contain fewer byproducts than typically found in the reserves of competitors. Prior to our purchase, the stock was down because HighPeak had taken on too much debt. Under the leadership of Jack Hightower, the new chairman and CEO, the company has raised equity—largely from the management team—and has refinanced the debt. Going forward, we think HighPeak is attractive as an independent company or as an acquisition target of a larger competitor. Our confidence in HighPeak is enhanced by Mr. Hightower’s track record of success in the E&P industry and his willingness to put his own money where his mouth is.”
A drill rig in an open-pit mine in the desert, revealing the company’s mineral exploration operations.
HighPeak Energy, Inc. (NASDAQ:HPK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 11 hedge fund portfolios held HighPeak Energy, Inc. (NASDAQ:HPK) at the end of third quarter which was 9 in the previous quarter.
We discussed HighPeak Energy, Inc. (NASDAQ:HPK) in another article and shared the list of best short-term stocks to invest in. In addition, please check out our hedge fund investor letters Q3 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.
