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Hedge Funds Keep Buying CONSOL Energy Inc. (CNX)

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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).

HedgeFundSentimentChart

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.

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