A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period that ended September 30, so let’s proceed with the discussion of the hedge fund sentiment on CONSOL Energy Inc. (NYSE:CNX).
CONSOL Energy Inc. (NYSE:CNX) shareholders have witnessed an increase in hedge fund sentiment in recent months, with 4 more funds owning the stock. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Vermilion Energy Inc (NYSE:VET), ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), and Bruker Corporation (NASDAQ:BRKR) to gather more data points.
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Keeping this in mind, let’s take a gander at the fresh action encompassing CONSOL Energy Inc. (NYSE:CNX).
What does the smart money think about CONSOL Energy Inc. (NYSE:CNX)?
Heading into the fourth quarter of 2016, a total of 38 of the hedge funds tracked by Insider Monkey held long positions in this stock, 12% higher than one quarter earlier and the fourth-straight quarter in which hedge fund ownership of the stock has risen. With hedge funds’ positions undergoing their usual ebb and flow, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their holdings considerably (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Mason Hawkins’ Southeastern Asset Management has the number one position in CONSOL Energy Inc. (NYSE:CNX), worth close to $951.8 million, corresponding to 9.1% of its total 13F portfolio. On Southeastern Asset Management’s heels is David Einhorn of Greenlight Capital, with a $343.2 million position. Other members of the smart money that hold long positions consist of Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital, John Griffin’s Blue Ridge Capital and Steve Cohen’s Point72 Asset Management.
With a general bullishness amongst the heavyweights, some big names were breaking ground themselves. Scopia Capital, managed by Matt Sirovich and Jeremy Mindich, created the biggest position in CONSOL Energy Inc. (NYSE:CNX). Scopia Capital had $27 million invested in the company at the end of the quarter. D E Shaw also initiated a $19.5 million position during the quarter. The following funds were also among the new CNX investors: Jim Simons’ Renaissance Technologies, Jos Shaver’s Electron Capital Partners, and Ken Griffin’s Citadel Investment Group.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as CONSOL Energy Inc. (NYSE:CNX) but similarly valued. These stocks are Vermilion Energy Inc (NYSE:VET), ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), Bruker Corporation (NASDAQ:BRKR), and Brocade Communications Systems, Inc. (NASDAQ:BRCD). All of these stocks’ market caps are similar to CNX’s market cap.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| VET | 8 | 10451 | 0 |
| ACAD | 28 | 1042328 | 3 |
| BRKR | 20 | 293566 | -4 |
| BRCD | 31 | 367907 | 3 |
As you can see these stocks had an average of 21.75 hedge funds with bullish positions and the average amount invested in these stocks was $429 million. That figure was $1.77 billion in CNX’s case. Brocade Communications Systems, Inc. (NASDAQ:BRCD) is the most popular stock in this table. On the other hand Vermilion Energy Inc (NYSE:VET) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks CONSOL Energy Inc. (NYSE:CNX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and continue to grow fonder of it, it may be a good idea to analyze it in detail and potentially include it in your portfolio.
Disclosure: None
