CNX Resources Corporation. $CNX Shares Acquired by AQR Capital Management LLC

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

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of CNX Resources by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 15,952,281 shares of the oil and gas producer's stock valued at $502,178,000 after buying an additional 665,289 shares during the last quarter. Southeast Asset Advisors LLC grew its position in CNX Resources by 6.3% during the 1st quarter. Southeast Asset Advisors LLC now owns 2,408,025 shares of the oil and gas producer's stock worth $75,805,000 after purchasing an additional 141,819 shares during the last quarter. Woodline Partners LP purchased a new position in CNX Resources during the 4th quarter worth $71,971,000. Nuveen Asset Management LLC increased its stake in CNX Resources by 30.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,365,407 shares of the oil and gas producer's stock valued at $50,069,000 after purchasing an additional 322,203 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its stake in 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 during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Price Performance

NYSE:CNX traded up $0.07 during trading hours on Friday, hitting $29.99. The company's stock had a trading volume of 1,303,247 shares, compared to its average volume of 1,406,057. The business's 50-day moving average is $30.40 and its two-hundred day moving average is $30.97. The company has a market capitalization of $4.24 billion, a PE ratio of 50.83, a PEG ratio of 0.27 and a beta of 0.60. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.30 and a current ratio of 0.33. CNX Resources Corporation. has a 52-week low of $27.00 and a 52-week high of $41.93.

Analyst Upgrades and Downgrades

CNX has been the topic of a number of research reports. Piper Sandler lowered 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. Scotiabank reissued a "sector perform" rating and set a $35.00 price target (up previously from $33.00) on shares of CNX Resources in a report on Friday, July 11th. TD Cowen upgraded CNX Resources to a "hold" rating in a research note on Monday, July 7th. Finally, Barclays began coverage on CNX Resources in a research note on Monday, July 7th. They set an "equal weight" rating and a $33.00 price target for the company. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and seven have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $31.77.

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.