AQR Capital Management LLC Raises Stock Position in CNX Resources Corporation. $CNX

Key Points

• AQR Capital Management LLC significantly increased its stake in CNX Resources Corporation by 764.2%, acquiring an additional 419,784 shares in the first quarter, bringing its total ownership to 474,716 shares.
• Institutional investors hold 95.16% of CNX Resources' stock, with prominent players like Woodline Partners and Nuveen also acquiring substantial positions during recent quarters.
• Recent analyst ratings for CNX Resources show a mix of opinions, with price targets ranging from $24.00 to $36.00, reflecting a consensus rating of "Reduce".

AQR Capital Management LLC grew its stake in CNX Resources Corporation. (NYSE:CNX - Free Report) by 764.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 474,716 shares of the oil and gas producer's stock after purchasing an additional 419,784 shares during the quarter. AQR Capital Management LLC owned approximately 0.33% of CNX Resources worth $14,944,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of CNX. Woodline Partners LP purchased a new stake in shares of CNX Resources during the fourth quarter valued at approximately $71,971,000. Nuveen LLC purchased a new position in shares of CNX Resources in the first quarter valued at $35,567,000. Adage Capital Partners GP L.L.C. grew its position in shares of CNX Resources by 514.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,200,000 shares of the oil and gas producer's stock valued at $37,776,000 after purchasing an additional 1,004,545 shares in the last quarter. Vanguard Group Inc. grew its position in shares of CNX Resources by 4.4% in the first quarter. Vanguard Group Inc. now owns 15,952,281 shares of the oil and gas producer's stock valued at $502,178,000 after purchasing an additional 665,289 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in CNX Resources by 69.1% during the fourth quarter. Millennium Management LLC now owns 1,154,588 shares of the oil and gas producer's stock valued at $42,339,000 after buying an additional 471,763 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Stock Performance

Shares of NYSE:CNX traded up $0.06 during midday trading on Monday, hitting $30.09. The company had a trading volume of 1,549,133 shares, compared to its average volume of 1,389,955. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.33 and a quick ratio of 0.30. The company has a market cap of $4.25 billion, a price-to-earnings ratio of 51.00, a PEG ratio of 0.27 and a beta of 0.60. CNX Resources Corporation. has a 12-month low of $27.00 and a 12-month high of $41.93. The company has a fifty day moving average of $30.36 and a two-hundred day moving average of $30.99.

Analyst Ratings Changes

CNX has been the subject of several research analyst reports. Scotiabank reaffirmed a "sector perform" rating and set a $35.00 price target (up previously from $33.00) on shares of CNX Resources in a research note on Friday, July 11th. Piper Sandler reduced their price target on CNX Resources from $26.00 to $24.00 and set an "underweight" rating on the stock in a report on Thursday, August 14th. Barclays started coverage on CNX Resources in a report on Monday, July 7th. They set an "equal weight" rating and a $33.00 target price on the stock. TD Cowen upgraded CNX Resources to a "hold" rating in a report on Monday, July 7th. Finally, Mizuho raised CNX Resources from an "underperform" rating to a "neutral" rating and dropped their price target for the stock from $36.00 to $34.00 in a research report on Monday. One equities research analyst has rated the stock with a Buy rating, ten have given a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $31.64.

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.