Is it a Wise Choice to Invest in CNX?

Longleaf Partners Fund, a Memphis-based fund under Southeastern Asset Management, published its “Longleaf Partners Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Longleaf Partners Fund declined 0.53% in the first quarter, holding up better than the S&P 500, which fell 4.60%. In a volatile quarter for markets across the globe, its companies made solid progress across the board. Try to take some time looking at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Longleaf Partners Fund mentioned CNX Resources Corporation (NYSE:CNX) and explained its insights for the company. Founded in 1860, CNX Resources Corporation (NYSE:CNX) is a Canonsburg, Pennsylvania-based natural gas company with a $3.0 billion market capitalization. CNX Resources Corporation (NYSE:CNX) delivered a 15.49% return since the beginning of the year, while its 12-month returns are up by 20.39%. The stock closed at $15.88 per share on July 06, 2022.

Here is what Longleaf Partners Fund has to say about CNX Resources Corporation (NYSE:CNX) in its Q1 2022 investor letter:

“CNX Resources – CNX appreciated as energy prices increased dramatically, and the critical nature of natural gas infrastructure and its ability to support Europe in limiting its dependence on Russia as an energy source was broadly recognized. CNX saw the benefits of its extensive share buyback program over the last year+ with free cash flow (FCF) nearing $3 per share. CNX increased the diversity and depth of experience of its board and executive management team in the quarter with the addition of Robert Agbede as a board director, Ravi Srivastava as President of New Technologies, and Hayley Scott as Chief Risk Officer.”

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Our calculations show that CNX Resources Corporation (NYSE:CNX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. CNX Resources Corporation (NYSE:CNX) was in 34 hedge fund portfolios at the end of the first quarter of 2022, compared to 36 funds in the previous quarter. CNX Resources Corporation (NYSE:CNX) delivered a -24.27% return in the past 3 months.

In January 2022, we also shared another hedge fund’s views on CNX Resources Corporation (NYSE:CNX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.