Mason Hawkins’ Top 5 Stock Picks

Headquartered in Pittsburgh, CNX Resources Corporation (NYSE:CNX) is a notable natural gas company with a strong presence in the Appalachian Basin. Its operations primarily focus on the extraction of natural gas from the Marcellus Shale and Utica Shale formations across Pennsylvania, Ohio, and West Virginia. In addition to its natural gas endeavors, CNX Resources also engages in the development of coalbed methane properties in Virginia.

At the close of Q1 2023, CNX Resources Corporation (NYSE:CNX) was held by 26 hedge funds. These funds held collective stakes worth $387.2 million in the company. This is compared to 30 hedge funds in the previous quarter with stakes worth $392.98 million. As of March 31, Southeastern Asset Management is the top investor in CNX Resources Corporation (NYSE:CNX) and has disclosed a position worth $193.3 million in the company. Following Mason Hawkins’ hedge fund, Sander Gerber’s Hudson Bay Capital Management is another prominent hedge fund that holds shares in the company.

Here is what Longleaf Partners had to say about CNX Resources Corporation (NYSE:CNX) in its fourth-quarter 2022 investor letter:

“CNX Resources Corporation (NYSE:CNX) – CNX was the top contributor for the year, but we were surprised it wasn’t an even larger one. Its value per share strongly outgrew its price performance for the year. While all energy companies saw a boost from higher prices, CNX had previously done more price hedging than peers. This decision held back near-term reported earnings, which remain the market’s focus. This helped relative returns at unhedged and more leveraged companies that were hoping for higher prices. CNX has been taking advantage of a widening price-to-value gap for itself as the year went on by continuing to be one of our largest share repurchasers. When you combine strong capital allocation like this with geopolitical conflict solidifying the long-term value of North American natural gas while hedges roll off with the passage of time, we remain excited about CNX’s future.”

Disclosure: None. You can also take a look at 15 Most Profitable Drugs In The World and 10 Best Small-Cap Growth Stocks to Buy Now.