Greenlight Capital, an investment management firm, released its second-quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Greenlight Capital funds returned 2.8% net of fees and expenses, compared to 4.3% for the S&P 500 index. The longs in the portfolio underperformed the S&P 500 and the shorts outperformed the inverse of the S&P 500. However, the portfolio maintained a neutral net long exposure of about 40%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Greenlight Capital highlighted stocks like Gulfport Energy Corporation (NYSE:GPOR) in the second quarter 2024 investor letter. Gulfport Energy Corporation (NYSE:GPOR) engages in the acquisition, exploration and development of natural gas, crude oil, and natural gas liquids. The one-month return of Gulfport Energy Corporation (NYSE:GPOR) was -4.98%, and its shares gained 23.84% of their value over the last 52 weeks. On August 26, 2024, Gulfport Energy Corporation (NYSE:GPOR) stock closed at $141.82 per share with a market capitalization of $2.576 billion.
Greenlight Capital stated the following regarding Gulfport Energy Corporation (NYSE:GPOR) in its Q2 2024 investor letter:
“We exited a few positions during the quarter, including, Gulfport Energy Corporation (NYSE:GPOR): During our 4-year holding period, the company successfully reorganized and emerged from bankruptcy with a clean balance sheet. The company executed successfully and we exited with a 62% IRR.”
A crew of workers drilling down into the earth in search of new petroleum resources.
Gulfport Energy Corporation (NYSE:GPOR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 33 hedge fund portfolios held Gulfport Energy Corporation (NYSE:GPOR) at the end of the second quarter which was 31 in the previous quarter. In the second quarter, Gulfport Energy Corporation (NYSE:GPOR) generated $164 million of adjusted EBITDA and $20 million of adjusted free cash flow, with average daily production totaling 1.05 billion cubic feet equivalent per day. While we acknowledge the potential of Gulfport Energy Corporation (NYSE:GPOR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Gulfport Energy Corporation (NYSE:GPOR) and shared the list of stocks that will 10x in 5 years according to analysts. In addition, please check out our hedge fund investor letters Q2 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.
