First Trust Advisors LP increased its stake in shares of CNX Resources Corporation. (NYSE:CNX – Free Report) by 81.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 965,371 shares of the oil and gas producer’s stock after purchasing an additional 434,620 shares during the quarter. First Trust Advisors LP’s holdings in CNX Resources were worth $37,215,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. State of Wyoming bought a new stake in CNX Resources in the second quarter worth $29,000. Smartleaf Asset Management LLC increased its position in CNX Resources by 56.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after acquiring an additional 293 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of CNX Resources in the fourth quarter valued at $34,000. Kestra Advisory Services LLC purchased a new stake in shares of CNX Resources in the fourth quarter valued at $50,000. Finally, Highlander Partners L.P. bought a new stake in shares of CNX Resources in the 4th quarter worth about $56,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on CNX shares. Truist Financial raised shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price target for the company in a research note on Wednesday, July 15th. Tudor Pickering raised shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Mizuho decreased their price objective on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, May 27th. Weiss Ratings downgraded shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, May 28th. Finally, Zacks Research lowered CNX Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, CNX Resources has a consensus rating of “Reduce” and a consensus target price of $35.44.
CNX Resources Stock Performance
CNX stock opened at $33.80 on Tuesday. CNX Resources Corporation. has a twelve month low of $27.72 and a twelve month high of $43.62. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of 4.69 and a beta of 0.59. The business’s fifty day simple moving average is $33.66 and its two-hundred day simple moving average is $36.96. The company has a quick ratio of 0.46, a current ratio of 0.49 and a debt-to-equity ratio of 0.47.
Insider Activity at CNX Resources
In related news, Director William N. Thorndike, Jr. sold 28,800 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $38.25, for a total value of $1,101,600.00. Following the transaction, the director owned 426,585 shares of the company’s stock, valued at $16,316,876.25. This trade represents a 6.32% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.03% of the company’s stock.
CNX Resources Company Profile
CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.
In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.
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