Hedge Funds Keep Buying CONSOL Energy Inc. (CNX)

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With a general bullishness amongst the heavyweights, some big names were breaking ground themselves. Scopia Capital, managed by Matt Sirovich and Jeremy Mindich, created the biggest position in CONSOL Energy Inc. (NYSE:CNX). Scopia Capital had $27 million invested in the company at the end of the quarter. D E Shaw also initiated a $19.5 million position during the quarter. The following funds were also among the new CNX investors: Jim Simons’ Renaissance Technologies, Jos Shaver’s Electron Capital Partners, and Ken Griffin’s Citadel Investment Group.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as CONSOL Energy Inc. (NYSE:CNX) but similarly valued. These stocks are Vermilion Energy Inc (NYSE:VET), ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD), Bruker Corporation (NASDAQ:BRKR), and Brocade Communications Systems, Inc. (NASDAQ:BRCD). All of these stocks’ market caps are similar to CNX’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
VET 8 10451 0
ACAD 28 1042328 3
BRKR 20 293566 -4
BRCD 31 367907 3

As you can see these stocks had an average of 21.75 hedge funds with bullish positions and the average amount invested in these stocks was $429 million. That figure was $1.77 billion in CNX’s case. Brocade Communications Systems, Inc. (NASDAQ:BRCD) is the most popular stock in this table. On the other hand Vermilion Energy Inc (NYSE:VET) is the least popular one with only 8 bullish hedge fund positions. Compared to these stocks CONSOL Energy Inc. (NYSE:CNX) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and continue to grow fonder of it, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None

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