Here’s What Lifted CNX Resources Corporation (CNX) in Q3

Riverwater Partners, an investment management company, released its “Small Cap Core Strategy” Q3 2024 investor letter. A copy of the letter can be downloaded here. The strategy outperformed its benchmark, the Russell 2000, both in the third quarter and year-to-date, driven by disciplined stock selection across a diverse range of sectors. Energy and IT were the top-performing sectors while Consumer Staples and Healthcare holdings detracted. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

Riverwater Partners Small Cap Core Strategy highlighted stocks like CNX Resources Corporation (NYSE:CNX), in the third quarter 2024 investor letter. CNX Resources Corporation (NYSE:CNX) is an independent natural gas and midstream company. The one-month return of CNX Resources Corporation (NYSE:CNX) was -6.13%, and its shares gained 85.25% of their value over the last 52 weeks. On December 30, 2024, CNX Resources Corporation (NYSE:CNX) stock closed at $37.05 per share with a market capitalization of $5.53 billion.

Riverwater Partners Small Cap Core Strategy stated the following regarding CNX Resources Corporation (NYSE:CNX) in its Q3 2024 investor letter:

“Our third best performer during the quarter was CNX Resources Corporation (NYSE:CNX), a low intensity natural gas producer. We have owned CNX for quite some time. We continue to be attracted to its strong balance sheet and prudent risk management through a well-executed hedging strategy significantly boosted our portfolio’s returns. We continue to value CNX’s ability to innovate and generate free cash flow, driven by its diversified technology portfolio.”

A long line of heavy-duty trucks transporting natural gas across a rural highway.

CNX Resources Corporation (NYSE:CNX) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held CNX Resources Corporation (NYSE:CNX) at the end of the third quarter which was 29 in the previous quarter. While we acknowledge the potential of CNX Resources Corporation (NYSE:CNX) 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 CNX Resources Corporation (NYSE:CNX) and shared Carillon Chartwell Small Cap Value Fund’s views on the company. In addition, please check out our hedge fund investor letters Q3 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.