Mountain Lake Investment Management buys $5,257,250 stake in CNX Coal Resources LP (CNXC)

CNX Coal Resources LP (CNXC) : Mountain Lake Investment Management scooped up 102,500 additional shares in CNX Coal Resources LP during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 425,000 shares of CNX Coal Resources LP which is valued at $5,257,250.CNX Coal Resources LP makes up approximately 3.06% of Mountain Lake Investment Management’s portfolio.

Other Hedge Funds, Including , A.r.t. Advisors added CNXC to its portfolio by purchasing 16,200 company shares during the most recent quarter which is valued at $200,394. CNX Coal Resources LP makes up approx 0.01% of A.r.t. Advisors’s portfolio.Renaissance Technologies reduced its stake in CNXC by selling 29,301 shares or 30.14% in the most recent quarter. The Hedge Fund company now holds 67,900 shares of CNXC which is valued at $839,923.Freestone Capital Holdings reduced its stake in CNXC by selling 4,192 shares or 19.59% in the most recent quarter. The Hedge Fund company now holds 17,212 shares of CNXC which is valued at $212,912. CNX Coal Resources LP makes up approx 0.02% of Freestone Capital Holdings’s portfolio. Hite Hedge Asset Management sold out all of its stake in CNXC during the most recent quarter. The investment firm sold 77,957 shares of CNXC which is valued $987,715.

CNX Coal Resources LP opened for trading at $13.75 and hit $14.6 on the upside on Wednesday, eventually ending the session at $14.22, with a gain of 3.42% or 0.47 points. The heightened volatility saw the trading volume jump to 57,299 shares. Company has a market cap of $330 M.

On the company’s financial health, CNX Coal Resources LP reported $0.11 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Apr 25, 2016. Analyst had a consensus of $0.19. The company had revenue of $47.80 million for the quarter, compared to analysts expectations of $51.93 million. The company’s revenue was down -38.4 % compared to the same quarter last year.

Many Wall Street Analysts have commented on CNX Coal Resources LP. Company shares were Reiterated by Stifel on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 17 from a previous price target of $15 .

CNX Coal Resources LP is a producer of thermal coal. The Company is formed by CONSOL Energy Inc. (CONSOL Energy) to manage and develop all of its thermal coal operations in Pennsylvania. Its initial assets include around 20% undivided interest in and operational control over CONSOL Energy’s Pennsylvania mining complex which consists of around three underground mines and related infrastructure that produce bituminous thermal coal that is sold primarily to electric utilities in the eastern United States. Its Pennsylvania mining complex which includes the Bailey mine the Enlow Fork mine and the Harvey mine has coal reserves. The Company mines its reserves from the Pittsburgh No. 8 Coal Seam which is a contiguous formation of uniform thermal coal. The Pennsylvania mining complex includes around 785.6 million tons of coal reserves with an average gross heat content of approximately 13000 British thermal units per pound and an average sulfur content of around 2.38%.

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