Adage Capital Partners GP L.L.C. Sells 565,000 Shares of CNX Resources Co. (NYSE:CNX)

Adage Capital Partners GP L.L.C. decreased its stake in CNX Resources Co. (NYSE:CNX - Free Report) by 74.3% in the 4th quarter, according to the company in its most recent 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 about 0.13% of CNX Resources worth $7,167,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CNX. Bessemer Group Inc. raised its stake in shares of CNX Resources by 131.5% during the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 526 shares during the last quarter. Xponance Inc. raised its stake in shares of CNX Resources by 2.9% during the fourth quarter. Xponance Inc. now owns 20,876 shares of the oil and gas producer's stock valued at $766,000 after acquiring an additional 588 shares during the last quarter. Principal Securities Inc. raised its stake in shares of CNX Resources by 38.5% during the fourth quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer's stock valued at $91,000 after acquiring an additional 691 shares during the last quarter. SeaBridge Investment Advisors LLC raised its stake in shares of CNX Resources by 0.8% during the fourth quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer's stock valued at $3,311,000 after acquiring an additional 759 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of CNX Resources during the fourth quarter valued at $39,000. Institutional investors own 95.16% of the company's stock.

CNX Resources Stock Up 1.5 %

Shares of NYSE:CNX opened at $29.33 on Tuesday. The business's 50 day simple moving average is $30.25 and its two-hundred day simple moving average is $33.02. The firm has a market cap of $4.32 billion, a P/E ratio of -43.13, a PEG ratio of 0.42 and a beta of 1.33. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33. CNX Resources Co. has a 52-week low of $22.82 and a 52-week high of $41.93.

CNX Resources (NYSE:CNX - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (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, research analysts forecast that CNX Resources Co. will post 2.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CNX shares. Bank of America dropped their price target on shares of CNX Resources from $32.00 to $27.00 and set an "underperform" rating for the company in a research note on Tuesday, April 1st. TD Cowen started coverage on shares of CNX Resources in a research note on Wednesday, January 15th. They set a "hold" rating and a $27.00 target price for the company. Stephens raised shares of 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. JPMorgan Chase & Co. lifted their price objective on CNX Resources from $32.00 to $33.00 and gave the stock an "underweight" rating in a research report on Thursday, March 13th. Finally, StockNews.com lowered CNX Resources from a "hold" rating to a "sell" rating in a research report on Thursday, February 13th. Eight investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $31.17.

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.

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