Balyasny Asset Management L.P. Sells 5,411 Shares of CNX Resources Co. (NYSE:CNX)

Balyasny Asset Management L.P. trimmed its position in shares of CNX Resources Co. (NYSE:CNX) by 15.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,646 shares of the oil and gas producer’s stock after selling 5,411 shares during the quarter. Balyasny Asset Management L.P.’s holdings in CNX Resources were worth $1,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of CNX. Bessemer Group Inc. raised its holdings in CNX Resources by 131.5% in the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 526 shares during the period. Xponance Inc. raised its holdings in CNX Resources by 2.9% in the 4th quarter. Xponance Inc. now owns 20,876 shares of the oil and gas producer’s stock worth $766,000 after purchasing an additional 588 shares during the period. Principal Securities Inc. raised its holdings in CNX Resources by 38.5% in the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after purchasing an additional 691 shares during the period. SeaBridge Investment Advisors LLC raised its holdings in CNX Resources by 0.8% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock worth $3,311,000 after purchasing an additional 759 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new position in CNX Resources in the 4th quarter worth $39,000. 95.16% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CNX shares. Morgan Stanley reissued an “underweight” rating and set a $31.00 price target on shares of CNX Resources in a report on Tuesday, April 15th. Scotiabank raised CNX Resources from a “sector underperform” rating to a “sector perform” rating and set a $33.00 price target on the stock in a report on Friday, April 11th. TD Cowen started coverage on CNX Resources in a report on Wednesday, January 15th. They set a “hold” rating and a $27.00 price target on the stock. Raymond James raised CNX Resources from an “underperform” rating to a “market perform” rating in a report on Tuesday, February 18th. Finally, Cowen reissued a “hold” rating on shares of CNX Resources in a report on Friday, April 25th. Eight analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $31.58.

Insider Activity

In related news, Director J. Palmer Clarkson purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was bought at an average price of $31.20 per share, for a total transaction of $312,000.00. Following the completion of the transaction, the director now owns 245,433 shares in the company, valued at approximately $7,657,509.60. The trade was a 4.25% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.10% of the company’s stock.

CNX Resources Trading Up 5.3%

Shares of CNX Resources stock opened at $32.58 on Wednesday. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of -47.91, a PEG ratio of 0.42 and a beta of 0.62. The business has a 50-day moving average price of $30.54 and a 200-day moving average price of $32.67. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. CNX Resources Co. has a twelve month low of $23.52 and a twelve month high of $41.93.

CNX Resources Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.