Black Bear Value Partners, an investment management firm, published its third quarter 2023 investor letter, a copy of which can be downloaded here. Black Bear Value Fund returned +7.3% in September and is up +26.4% YTD and the S&P 500 returned -4.8% in September and +13.1% YTD. HFRI Value Index returned +8.8% YTD through August. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Black Bear Value Partners highlighted stocks like CONSOL Energy Inc. (NYSE:CEIX) in the third quarter 2023 investor letter. Headquartered in Canonsburg, Pennsylvania, CONSOL Energy Inc. (NYSE:CEIX) engages in the production of bituminous coal. On October 6, 2023, CONSOL Energy Inc. (NYSE:CEIX) stock closed at $102.13 per share. One-month return of CONSOL Energy Inc. (NYSE:CEIX) was 9.45%, and its shares gained 49.12% of their value over the last 52 weeks. CONSOL Energy Inc. (NYSE:CEIX) has a market capitalization of $3.267 billion.
Black Bear Value Partners made the following comment about CONSOL Energy Inc. (NYSE:CEIX) in its Q3 2023 investor letter:
“We have a large investment across the energy & commodity spaces. The thesis is simple…we haven’t developed enough energy or commodity resources to satisfy the near- and medium-term needs of the world as well as provide for a renewable/less-carbon intensive future.
CONSOL Energy Inc. (NYSE:CEIX) is an American energy company focused on the coal sector. The business has undergone a shift from being a majority producer of coal for domestic energy purposes to an export-driven producer of coal for non-power generation purposes. Over the last few years, the Company has delevered to a near-zero net-debt position and is trading at a 25%+ unlevered free cash flow. While there is a negative stigma associated with coal (and some deserved) there are parts of the world that have limited energy alternatives and will require coal supply over the coming years. I expect the company to commit a large amount of the free-cash-flow to buying in cheap stock and the per share intrinsic value to grow substantially over the next 3 years.”
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CONSOL Energy Inc. (NYSE:CEIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held CONSOL Energy Inc. (NYSE:CEIX) at the end of second quarter which was 33 in the previous quarter.
We discussed CONSOL Energy Inc. (NYSE:CEIX) in another article and shared Black Bear Value Partners’ views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
