Rising Energy Prices Pushed CNX Resources Corporation (CNX)
Longleaf Partners, managed by Southeastern Asset Management, released its “Small-Cap Fund” third-quarter 2023 investor letter. A copy of the same can be downloaded here. The fund delivered 0.26% in the third quarter in a challenging, “risk-off” period compared to a -5.13% return for the Russell 2000 Index and -2.96% for the Russell 2000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Longleaf Partners Small-Cap Fund highlighted stocks like CNX Resources Corporation (NYSE:CNX) in the third quarter 2023 investor letter. Headquartered in Canonsburg, Pennsylvania, CNX Resources Corporation (NYSE:CNX) is a natural gas and midstream company. On November 2, 2023, CNX Resources Corporation (NYSE:CNX) stock closed at $22.26 per share. One-month return of CNX Resources Corporation (NYSE:CNX) was 0.36%, and its shares gained 25.90% of their value over the last 52 weeks. CNX Resources Corporation (NYSE:CNX) has a market capitalization of $3.47 billion.
Longleaf Partners Small-Cap Fund made the following comment about CNX Resources Corporation (NYSE:CNX) in its Q3 2023 investor letter:
"CNX Resources Corporation (NYSE:CNX) – Natural gas company CNX Resources was the top performer in the quarter. The company benefited from rising energy prices, as well as strong operational execution. CNX remains highly discounted, as the market does not give the company credit for its longer-term undrilled assets or its “new technology investments,” which include methods to reduce carbon on a net basis. Management expects this to be a material business for CNX over the longer term, but for now it is a high-quality hidden asset. CNX has taken advantage of the price disconnect through meaningful share repurchase."
A broad sunset view of a modern oil & natural gas facility in the Permian Basin.
CNX Resources Corporation (NYSE:CNX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 25 hedge fund portfolios held CNX Resources Corporation (NYSE:CNX) at the end of the second quarter, which was 26 in the previous quarter.
We discussed CNX Resources Corporation (NYSE:CNX) in another article and shared Cove Street Small Cap Value Fund's views on the company. 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.
