Miller Value Partners, an investment management company, released its “Income Strategy” third-quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -7.34% net of fees compared to a -0.68% return for the ICE BofA US High Yield Index. Also, the fund underperformed the S&P 500 Index which returned -4.88% in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Miller Value Partners discussed stocks like Chesapeake Energy Corporation (NASDAQ:CHK) in its Q3 2022 investor letter. Headquartered in Oklahoma City, Oklahoma, Chesapeake Energy Corporation (NASDAQ:CHK) is an oil, natural gas, and natural gas liquids production and exploration company. On October 20, 2022, Chesapeake Energy Corporation (NASDAQ:CHK) stock closed at $98.84 per share. One-month return of Chesapeake Energy Corporation (NASDAQ:CHK) was 6.36% and its shares gained 60.90% of their value over the last 52 weeks. Chesapeake Energy Corporation (NASDAQ:CHK) has a market capitalization of $11.945 billion.
Miller Value Partners made the following comment about Chesapeake Energy Corporation (NASDAQ:CHK) in its Q3 2022 investor letter:
“Chesapeake Energy Corporation (NASDAQ:CHK) gained 19.1%2 in the period. The company reported 2Q22 Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization, and Exploration Expense (EBITDAX) of $1,269MM, +195.8% Y/Y, ahead of consensus of $1,226MM, and Adjusted Earnings per Share (EPS) of $4.87, compared to 2Q21 EPS of $1.64, ahead of analyst expectations for EPS of $3.82. Chesapeake generated adjusted free cash flow (FCF) of $494MM, bringing TTM FCF to $1,663MM, or a FCF yield of 14.4%. Management also raised the company’s base dividend by 10% to $2.20/share, bringing the total quarterly dividend to $2.32/share, or an annualized yield of ~9.7%. Additionally, the company doubled its existing share repurchase authorization from $1B to $2B and has executed $670MM in repurchases so far through 7/31/22. Collectively, management is guiding for $1.2B in total FY22 dividends, at the midpoint, and $1B in share buybacks, implying total FY22 shareholder returns of $2.2B, or ~19.1% of the company’s market cap.”
Chesapeake Energy Corporation (NASDAQ:CHK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Chesapeake Energy Corporation (NASDAQ:CHK) at the end of the second quarter, which was 59 in the previous quarter.
We discussed Chesapeake Energy Corporation (NASDAQ:CHK) in another article and shared the best Guru stocks to buy. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.
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