How CNX Coal Resources LP (CNXC) Stacks Up Against Its Peers

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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

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