Successful Performance of Longleaf Partners: CNX Resources in Focus

The renowned company Southeastern Asset Management, which manages the Longleaf Partners Fund, recently released its investor letter for the third quarter of 2024. It was reported that the fund increased by an impressive 10.42% during this period, outperforming both the S&P 500, which gained 5.89%, and the Russell 1000 Value with 9.43%. The results indicate that many of the previously highlighted companies are recognized in the market, positively impacting the fund's performance. Details of the fund's best investments in 2024 can be found in the five most popular holdings. CNX Resources Corporation is mentioned in the investor letter as one of the outstanding performers. The company, operating in the natural gas and midstream sector, achieved a return of 18.13% last month. Also impressive is the stock value increase of 75.47% over the past 52 weeks. The stock price was $37.20 per share on October 24, 2024, resulting in a market capitalization of $5.626 billion. In the third quarter, CNX Resources was a top performer, with its solid operational performance and continuous per-share value increase being highlighted. Looking forward to the upcoming fall and winter months, a stabilization of natural gas prices is expected, even though this remains uncertain. Thanks to its cost-efficient structure and adept hedging strategy, CNX is capable of generating free cash flow across different price levels, which is invested in value-enhancing buybacks. Additional insights on CNX have been discussed in a podcast with CEO Nick DeIuliis. CNX Resources Corporation is currently not listed among the 31 most popular stocks with hedge funds. However, being a stock held by 29 hedge funds in the second quarter, analysts do recognize its potential. Nonetheless, AI stocks are believed to have an even greater growth opportunity. Those looking for a promising yet undervalued AI stock that can compete with NVIDIA should check out our report on the most affordable AI stock.