Published on 8 Mar 2024 on Insider Monkey via Yahoo Finance

Coterra Energy (CTRA) Fell Along with a Fall in Energy Prices

Diamond Hill Capital, an investment management company, released its “Mid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. During Q4, the markets experienced a sharp rebound, resulting in positive returns in most regions and countries. The portfolio had a better performance than the Russell Midcap Index during the Q4 period, but it underperformed for the entire calendar year. The strategy experienced relative strength in Q4, which was mainly due to the real estate holdings and exposure. These benefited from the declining interest rates environment. Holdings in industrials, financials, and consumer discretionary also added to the performance, as well as the below-benchmark exposure to energy. However, the below-benchmark exposure to technology and above-benchmark exposure to consumer staples detracted from the relative performance. The strategy delivered returns of 13.68% (net of fees) in Q4 and 9.88% (net of fees) for the full year. This compares to the Russell Midcap Index returns of 12.82% and 17.23% for Q4 and the full year, respectively. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Mid Cap Strategy featured stocks like Coterra Energy Inc. (NYSE:CTRA) in its Q4 2023 investor letter. Headquartered in Houston, Texas, Coterra Energy Inc. (NYSE:CTRA) is an oil and gas company. On March 7, 2024, Coterra Energy Inc. (NYSE:CTRA) stock closed at $26.16 per share. One-month return of Coterra Energy Inc. (NYSE:CTRA) was 6.78%, and its shares gained 4.18% of their value over the last 52 weeks. Coterra Energy Inc. (NYSE:CTRA) has a market capitalization of $19.668 billion.

Diamond Hill Mid Cap Strategy stated the following regarding Coterra Energy Inc. (NYSE:CTRA) in its fourth quarter 2023 investor letter: