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 CNX Coal Resources LP (NYSE:CNXC).
Is CNX Coal Resources LP (NYSE:CNXC) a buy right now? The smart money is categorically betting on the stock. The number of bullish hedge fund bets experienced an increase of 1 recently. In this way, there were 7 hedge funds in our database with CNXC positions at the end of the third quarter. 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 Triumph Bancorp Inc (NASDAQ:TBK), Peoples Utah Bancorp (NASDAQ:PUB), and Calix Inc (NYSE:CALX) to gather more data points.
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How have hedgies been trading CNX Coal Resources LP (NYSE:CNXC)?
At the end of the third quarter, a total of 7 of the hedge funds tracked by Insider Monkey were long this stock, up by 17% from one quarter earlier. On the other hand, there were a total of 6 hedge funds with a bullish position in CNXC at the beginning of this year. With the smart money’s sentiment swirling, there exists a select group of noteworthy hedge fund managers who were increasing their holdings meaningfully (or already accumulated large positions).
According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, David Einhorn’s Greenlight Capital has the largest position in CNX Coal Resources LP (NYSE:CNXC), worth close to $85.1 million, comprising 1.6% of its total 13F portfolio. Sitting at the No. 2 spot is Mitch Cantor of Mountain Lake Investment Management, with a $6.2 million position; the fund has 3.6% of its 13F portfolio invested in the stock. Some other professional money managers with similar optimism include Joe Huber’s Huber Capital Management, Renaissance Technologies, one of the largest hedge funds in the world and Emanuel J. Friedman’s EJF Capital. We should note that Mountain Lake Investment Management is among our list of the 100 best performing hedge funds which is based on the performance of their 13F long positions in non-microcap stocks.
As industrywide interest jumped, key hedge funds have jumped into CNX Coal Resources LP (NYSE:CNXC) headfirst. Wexford Capital, led by Charles Davidson, initiated the biggest position in CNX Coal Resources LP (NYSE:CNXC). Wexford Capital had $0.5 million invested in the company at the end of the quarter.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as CNX Coal Resources LP (NYSE:CNXC) but similarly valued. We will take a look at Triumph Bancorp Inc (NASDAQ:TBK), Peoples Utah Bancorp (NASDAQ:PUB), Calix Inc (NYSE:CALX), and Ares Commercial Real Estate Corp (NYSE:ACRE). This group of stocks’ market values resemble CNXC’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| TBK | 6 | 23853 | 0 |
| PUB | 4 | 6307 | 0 |
| CALX | 13 | 76897 | -2 |
| ACRE | 10 | 9905 | 2 |
As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $29 million. That figure was $97 million in CNXC’s case. Calix Inc (NYSE:CALX) is the most popular stock in this table. On the other hand Peoples Utah Bancorp (NASDAQ:PUB) is the least popular one with only 4 bullish hedge fund positions. CNX Coal Resources LP (NYSE:CNXC) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CALX might be a better candidate to consider taking a long position in.
Disclosure: None
