Adage Capital Partners GP L.L.C. Lowers Stock Holdings in CNX Resources Co. (NYSE:CNX)

Adage Capital Partners GP L.L.C. cut its stake in CNX Resources Co. (NYSE:CNX - Free Report) by 74.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 195,455 shares of the oil and gas producer's stock after selling 565,000 shares during the period. Adage Capital Partners GP L.L.C. owned 0.13% of CNX Resources worth $7,167,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CNX. Arrowstreet Capital Limited Partnership acquired a new stake in CNX Resources during the 4th quarter worth about $37,923,000. Raymond James Financial Inc. bought a new position in shares of CNX Resources during the 4th quarter worth approximately $14,268,000. Bridgewater Associates LP acquired a new stake in shares of CNX Resources during the 4th quarter worth approximately $13,430,000. Capital Research Global Investors increased its stake in shares of CNX Resources by 31.8% in the 4th quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer's stock valued at $53,172,000 after acquiring an additional 350,000 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in CNX Resources by 3,024.0% in the fourth quarter. Hsbc Holdings PLC now owns 278,602 shares of the oil and gas producer's stock valued at $10,313,000 after purchasing an additional 269,684 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CNX shares. Mizuho upped their price target on CNX Resources from $34.00 to $35.00 and gave the stock an "underperform" rating in a research note on Monday, April 7th. Morgan Stanley restated an "underweight" rating and set a $31.00 price target on shares of CNX Resources in a report on Tuesday, April 15th. Roth Capital set a $30.00 target price on CNX Resources in a research report on Thursday, January 23rd. Stephens raised CNX Resources from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $35.00 to $48.00 in a research report on Tuesday, March 18th. Finally, StockNews.com downgraded CNX Resources from a "hold" rating to a "sell" rating in a research report on Thursday, February 13th. Eight research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $31.17.

CNX Resources Trading Up 2.4 %

Shares of CNX traded up $0.70 during midday trading on Friday, hitting $30.28. The stock had a trading volume of 2,123,393 shares, compared to its average volume of 2,682,259. CNX Resources Co. has a 1 year low of $23.10 and a 1 year high of $41.93. The stock's 50 day moving average is $30.24 and its 200 day moving average is $32.88. The firm has a market cap of $4.38 billion, a PE ratio of -44.53, a price-to-earnings-growth ratio of 0.42 and a beta of 1.33. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32.

CNX Resources (NYSE:CNX - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, topping the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. As a group, analysts forecast that CNX Resources Co. will post 2.18 EPS for the current fiscal year.

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.