5 Stocks to Buy According to Mason Hawkins’ Southeastern Asset Management

2. CNX Resources Corporation (NYSE:CNX)

Southeastern Asset Management’s Stake Value: $355.43 million

Southeastern Asset Management’s 13F Portfolio: 6.74%

Number of Hedge Fund Holders: 34

CNX Resources Corporation (NYSE:CNX) is a natural gas drilling company based in the United States. Up until 2017, the company was known as CONSOL Energy Inc. and is headquartered in Pennsylvania. Hedge fund sentiment was positive on CNX Resources Corporation (NYSE:CNX), with 34 hedge funds reporting ownership of stakes in the company at the end of the third quarter, up from 30 in the preceding quarter.

Southeastern Asset Management is the leading stakeholder in CNX Resources Corporation (NYSE:CNX), with 28.16 million shares valued at $355.43 million, amounting to 6.74% of the fund’s overall portfolio.

Longleaf Partners Fund, an investment management firm, talked about CNX in its Q3 investor letter. Here’s what the fund said:

“Finally, had you told us two years ago that CNX would 1) accretively buy in its pipeline assets to be the low-cost player in the basin; 2) further lock in FCF with hedges; 3) buy back a material amount of shares to grow FCF/share power above $2; 4) finally see more E&P industry consolidation, we would not have expected a sub-$12 stock price. But now that gas prices are up, hedges are viewed by the market as a negative, and sellsiders struggle for a short-term “catalyst.” We expect CNX to create more catalysts and continue to take advantage of its dramatically undervalued stock price.”