Bayforest Capital Ltd Buys 20,025 Shares of CNX Resources Corporation. (NYSE:CNX)

Key Points

• Bayforest Capital Ltd significantly increased its ownership of CNX Resources Corporation by 516.9%, acquiring an additional 20,025 shares during the first quarter, bringing its total holdings to 23,899 shares valued at approximately $752,000.
• Multiple institutional investors, including Allspring Global Investments and Principal Financial Group, also adjusted their positions in CNX, with institutional ownership totaling 95.16%.
• CNX Resources has seen a recent stock price target revision from analysts, with Scotiabank setting a new target of $35.00 and others maintaining a "hold" rating amid mixed forecasts.

Bayforest Capital Ltd lifted its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 516.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,899 shares of the oil and gas producer's stock after purchasing an additional 20,025 shares during the quarter. Bayforest Capital Ltd's holdings in CNX Resources were worth $752,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Pictet Asset Management Holding SA grew its stake in CNX Resources by 9.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 20,786 shares of the oil and gas producer's stock valued at $762,000 after acquiring an additional 1,873 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in CNX Resources in the fourth quarter worth $37,923,000. Alliancebernstein L.P. boosted its position in CNX Resources by 1.6% in the fourth quarter. Alliancebernstein L.P. now owns 304,517 shares of the oil and gas producer's stock worth $11,167,000 after purchasing an additional 4,859 shares during the last quarter. ExodusPoint Capital Management LP purchased a new position in CNX Resources in the fourth quarter worth $8,072,000. Finally, Resona Asset Management Co. Ltd. purchased a new position in shares of CNX Resources during the 4th quarter valued at $489,000. 95.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Morgan Stanley restated an "underweight" rating and issued a $31.00 price target on shares of CNX Resources in a research note on Tuesday, April 15th. Mizuho increased their price objective on CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a research note on Tuesday, May 13th. Cowen restated a "hold" rating on shares of CNX Resources in a research note on Friday, April 25th. Scotiabank restated a "sector perform" rating and set a $35.00 target price (up from $33.00) on shares of CNX Resources in a research report on Friday, July 11th. Finally, TD Cowen upgraded CNX Resources to a "hold" rating in a report on Monday, July 7th. Eight analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $31.92.

CNX Resources Stock Performance

Shares of NYSE CNX traded down $1.39 during trading hours on Friday, hitting $28.92. 3,141,801 shares of the stock were exchanged, compared to its average volume of 2,379,965. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.33 and a quick ratio of 0.30. CNX Resources Corporation. has a one year low of $23.85 and a one year high of $41.93. The company's 50 day moving average is $32.55 and its 200 day moving average is $31.03. The firm has a market capitalization of $4.09 billion, a P/E ratio of 49.02, a P/E/G ratio of 0.28 and a beta of 0.64.

Insider Transactions at CNX Resources

In other CNX Resources news, Director J. Palmer Clarkson purchased 10,000 shares of the stock in a transaction dated Monday, May 12th. The stock was bought at an average price of $31.20 per share, for a total transaction of $312,000.00. Following the transaction, the director directly owned 245,433 shares in the company, valued at $7,657,509.60. This represents a 4.25% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 3.10% of the stock is owned by corporate 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.