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Here’s Why Black Bear Value Partners is Holding CONSOL Energy (CEIX)

Black Bear Value Partners, an investment management firm, published its first quarter 2024 investor letter, a copy of which can be downloaded here. Black Bear Value Fund returned +3.4% in March and is up +4.6% YTD and the S&P 500 returned +3.2% in March and +10.6% YTD. HFRI Value Index returned +2.9% in March and +4.6 YTD. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Black Bear Value Partners featured stocks CONSOL Energy Inc. (NYSE:CEIX) in the first quarter 2024 investor letter. Headquartered in Canonsburg, Pennsylvania, CONSOL Energy Inc. (NYSE:CEIX) engages in the production of bituminous coal. On April 9, 2024, CONSOL Energy Inc. (NYSE:CEIX) stock closed at $82.66 per share. One-month return of CONSOL Energy Inc. (NYSE:CEIX) was 2.28%, and its shares gained 39.04% of their value over the last 52 weeks. CONSOL Energy Inc. (NYSE:CEIX) has a market capitalization of $2.447 billion.

Black Bear Value Partners stated the following regarding CONSOL Energy Inc. (NYSE:CEIX) in its first quarter 2024 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 20-25%+ 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."

A large coal mining complex on a sunny day, with heavy machinery moving vast amounts of earth.

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CONSOL Energy Inc. (NYSE:CEIX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, CONSOL Energy Inc. (NYSE:CEIX) was held by 29 hedge fund portfolios, compared to 25 in the previous quarter, according to our database.

We discussed CONSOL Energy Inc. (NYSE:CEIX) in another article and shared the list of oversold energy stocks you can buy. In addition, please check out our hedge fund investor letters Q1 2024 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.