Arrowstreet Capital Limited Partnership Raises Holdings in CNX Resources Corporation. $CNX

Key Points

• Arrowstreet Capital dramatically increased its stake in CNX Resources, boosting holdings by 6,057.8% in the first quarter to 3.84 million shares worth about $148 million.
• CNX Resources remains heavily owned by institutions, with 95.16% of shares held by institutional investors; however, insider activity included a director selling 28,800 shares in May.
• Analyst sentiment on CNX is cautious, with multiple firms cutting targets or ratings and MarketBeat showing an overall "Reduce" rating with an average price target of $35.44.

Arrowstreet Capital Limited Partnership boosted its holdings in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 6,057.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,838,852 shares of the oil and gas producer's stock after acquiring an additional 3,776,511 shares during the period. Arrowstreet Capital Limited Partnership owned about 2.71% of CNX Resources worth $147,988,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Wyoming acquired a new stake in CNX Resources in the second quarter valued at approximately $29,000. Smartleaf Asset Management LLC raised its position in CNX Resources by 56.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock worth $30,000 after buying an additional 293 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in CNX Resources during the fourth quarter valued at $34,000. Kestra Advisory Services LLC acquired a new position in shares of CNX Resources in the 4th quarter valued at about $50,000. Finally, Highlander Partners L.P. acquired a new position in CNX Resources in the fourth quarter valued at approximately $56,000. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $34.25 on Friday. The business's fifty day simple moving average is $33.72 and its 200-day simple moving average is $36.97. The company has a quick ratio of 0.46, a current ratio of 0.49 and a debt-to-equity ratio of 0.47. The firm has a market cap of $4.85 billion, a PE ratio of 4.76 and a beta of 0.59. CNX Resources Corporation. has a 52 week low of $27.72 and a 52 week high of $43.62.

Analyst Upgrades and Downgrades

CNX has been the topic of a number of recent analyst reports. Barclays decreased their target price on CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 26th. Weiss Ratings cut CNX Resources from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, May 28th. Truist Financial raised CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price objective for the company in a research note on Wednesday, July 15th. Morgan Stanley decreased their price objective on CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a report on Monday, June 29th. Finally, Zacks Research cut shares of CNX Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, CNX Resources presently has an average rating of "Reduce" and an average price target of $35.44.

Insider Buying and Selling at CNX Resources

In other news, Director William N. Thorndike, Jr. sold 28,800 shares of the business's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the completion of the sale, the director owned 426,585 shares in the company, valued at approximately $16,316,876.25. The trade was a 6.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.03% of the company's stock.

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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