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Are Hedge Funds Buying CNX Resources?

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13F filers’ statistics for CNX Resources

In 4Q17, 21 hedge funds bought CNX Resources (CNX) stock and 25 hedge funds sold CNX stock. In 4Q17, total selling hedge funds outnumbered total buying hedge funds by four. As of December 31, 2017, 36 hedge funds, which filed form 13F, held CNX in their portfolio. Out of these, four hedge funds have CNX in their top ten holdings.

From an aggregate number of shares point of view, for 4Q17, 13F filing hedge funds decreased their aggregate CNX holdings by 12.0%, or from ~43.5 million shares to ~38.3 million shares. As of December 31, 2017, CNX Resources had ~230 million common shares outstanding.

In 4Q17, 13F filing hedge funds increased their aggregate holdings in Marathon Oil (MRO) and Occidental Petroleum (OXY) by 81.3% and 16.7%, respectively.

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Form 13F is an SEC mandate that needs to be submitted by all institutional investors who manage more than $100 million in assets. These institutional investors typically include hedge funds, insurance companies, banks, and investment advisors who have access to in-depth research and greater capital. Typically, when institutional investors buy a stock, there is a chance that the stock might do well.

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