CNX Resources (NYSE:CNX) Director Sells $1,101,600.00 in Stock

Key Points

• Director William Thorndike Jr. sold 28,800 CNX shares at an average price of $38.25 for a total of $1,101,600, trimming his holding by 6.32% to 426,585 shares.
• CNX shares traded around $36.55 mid-day; the company has a market cap of $5.17 billion, a P/E of 5.08 and a 52-week range of $27.72–$43.62, while analysts' consensus rating is "Reduce" with a $35.67 target price.
• Large institutional investors have been increasing positions—Capital Research, Balyasny, Goldman Sachs, AQR and others added shares—and institutions now own 95.16% of CNX's stock.

CNX Resources Corporation. (NYSE:CNX - Get Free Report) Director William Thorndike, Jr. sold 28,800 shares of CNX Resources stock in a transaction on Monday, May 4th. The stock was sold at an average price of $38.25, for a total value of $1,101,600.00. Following the completion of the transaction, the director owned 426,585 shares in the company, valued at $16,316,876.25. The trade was a 6.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

CNX Resources Price Performance

Shares of NYSE CNX traded down $1.47 during mid-day trading on Wednesday, reaching $36.55. The company had a trading volume of 2,096,912 shares, compared to its average volume of 2,256,118. CNX Resources Corporation. has a 1-year low of $27.72 and a 1-year high of $43.62. The company has a current ratio of 0.49, a quick ratio of 0.46 and a debt-to-equity ratio of 0.47. The stock has a market cap of $5.17 billion, a PE ratio of 5.08, a P/E/G ratio of 0.41 and a beta of 0.64. The company has a 50-day moving average price of $39.80 and a two-hundred day moving average price of $37.97.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CNX. Capital Research Global Investors grew its stake in CNX Resources by 38.6% in the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer's stock valued at $126,874,000 after purchasing an additional 1,100,000 shares in the last quarter. Balyasny Asset Management L.P. grew its stake in CNX Resources by 601.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer's stock valued at $35,507,000 after purchasing an additional 947,931 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in CNX Resources by 45.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer's stock valued at $74,327,000 after purchasing an additional 633,539 shares in the last quarter. AQR Capital Management LLC grew its stake in CNX Resources by 112.2% in the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer's stock valued at $33,932,000 after purchasing an additional 532,770 shares in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new position in CNX Resources in the fourth quarter valued at about $16,792,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on CNX. Barclays raised their price objective on CNX Resources from $35.00 to $36.00 and gave the stock an "underweight" rating in a research report on Monday, March 16th. Roth Mkm set a $35.00 price objective on CNX Resources and gave the stock a "neutral" rating in a research report on Thursday, January 29th. Piper Sandler set a $26.00 price objective on CNX Resources in a research report on Monday, February 2nd. Zacks Research lowered CNX Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings upgraded CNX Resources from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Reduce" and a consensus target price of $35.67.

About CNX Resources

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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