Southeastern Asset Management Inc. TN Sells 1,684,858 Shares of CNX Resources Co. (NYSE:CNX)

Southeastern Asset Management Inc. TN trimmed its position in CNX Resources Co. (NYSE:CNX - Free Report) by 27.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,487,144 shares of the oil and gas producer's stock after selling 1,684,858 shares during the quarter. CNX Resources makes up 7.8% of Southeastern Asset Management Inc. TN's holdings, making the stock its largest position. Southeastern Asset Management Inc. TN owned about 3.01% of CNX Resources worth $164,544,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. ProShare Advisors LLC lifted its position in CNX Resources by 39.2% during the fourth quarter. ProShare Advisors LLC now owns 48,083 shares of the oil and gas producer's stock worth $1,763,000 after acquiring an additional 13,552 shares during the last quarter. Quantedge Capital Pte Ltd acquired a new stake in CNX Resources during the fourth quarter worth approximately $2,574,000. Quantinno Capital Management LP acquired a new stake in CNX Resources during the fourth quarter worth approximately $244,000. Nuveen Asset Management LLC lifted its position in CNX Resources by 30.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,365,407 shares of the oil and gas producer's stock worth $50,069,000 after acquiring an additional 322,203 shares during the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new stake in CNX Resources during the fourth quarter worth approximately $443,000. 95.16% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CNX. Stephens raised shares of CNX Resources from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $35.00 to $48.00 in a research note on Tuesday, March 18th. Roth Capital set a $30.00 price objective on shares of CNX Resources in a research note on Thursday, January 23rd. Piper Sandler lifted their price objective on shares of CNX Resources from $21.00 to $25.00 and gave the company an "underweight" rating in a research note on Tuesday, May 13th. Morgan Stanley reaffirmed an "underweight" rating and set a $31.00 target price on shares of CNX Resources in a research note on Tuesday, April 15th. Finally, Scotiabank raised shares of CNX Resources from a "sector underperform" rating to a "sector perform" rating and set a $33.00 target price on the stock in a research note on Friday, April 11th. Eight 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $31.58.

CNX Resources Trading Down 1.8%

Shares of CNX Resources stock traded down $0.58 during trading on Monday, hitting $32.47. The company's stock had a trading volume of 1,917,637 shares, compared to its average volume of 2,670,620. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -47.75, a price-to-earnings-growth ratio of 0.42 and a beta of 0.62. 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 Co. has a 52 week low of $23.63 and a 52 week high of $41.93. The stock has a 50-day moving average price of $30.69 and a two-hundred day moving average price of $32.61.

Insider Activity at CNX Resources

In other news, Director J. Palmer Clarkson bought 10,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were acquired at an average price of $31.20 per share, for a total transaction of $312,000.00. Following the completion of the acquisition, the director now directly owns 245,433 shares in the company, valued at approximately $7,657,509.60. This represents a 4.25% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.10% of the stock is owned by company insiders.

CNX Resources Company 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.