Brandywine Global Investment Management LLC Decreases Stock Position in CNX Resources Corporation. $CNX

Key Points

• Brandywine Global Investment Management LLC reduced its stake in CNX Resources Corporation by 4.3%, holding 669,997 shares valued at $21.1 million after selling 30,037 shares in Q1.
• Other significant investors such as Fox Run Management and HighTower Advisors increased their stakes in CNX Resources, reflecting continued interest in the company despite recent share sales.
• Wall Street analysts maintain a generally cautious outlook, with an average rating of "Hold" and a price target of $31.77, as multiple firms issue varied recommendations including "underweight" and "underperform" ratings.

Brandywine Global Investment Management LLC reduced its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 4.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 669,997 shares of the oil and gas producer's stock after selling 30,037 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.46% of CNX Resources worth $21,092,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CNX. State of Alaska Department of Revenue raised its stake in CNX Resources by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 17,437 shares of the oil and gas producer's stock valued at $548,000 after buying an additional 415 shares during the last quarter. Fox Run Management L.L.C. raised its stake in CNX Resources by 2.7% in the first quarter. Fox Run Management L.L.C. now owns 16,317 shares of the oil and gas producer's stock valued at $514,000 after buying an additional 432 shares during the last quarter. Pullen Investment Management LLC raised its stake in CNX Resources by 1.5% in the first quarter. Pullen Investment Management LLC now owns 32,633 shares of the oil and gas producer's stock valued at $1,027,000 after buying an additional 482 shares during the last quarter. Farther Finance Advisors LLC raised its stake in CNX Resources by 21.0% in the first quarter. Farther Finance Advisors LLC now owns 2,931 shares of the oil and gas producer's stock valued at $93,000 after buying an additional 508 shares during the last quarter. Finally, SummerHaven Investment Management LLC raised its stake in CNX Resources by 1.8% in the first quarter. SummerHaven Investment Management LLC now owns 30,284 shares of the oil and gas producer's stock valued at $953,000 after buying an additional 525 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CNX has been the subject of a number of research analyst reports. Barclays initiated coverage on CNX Resources in a research note on Monday, July 7th. They issued an "equal weight" rating and a $33.00 price target for the company. Cowen reissued a "hold" rating on shares of CNX Resources in a report on Friday, April 25th. Mizuho increased their price objective on CNX Resources from $35.00 to $36.00 and gave the company an "underperform" rating in a report on Tuesday, May 13th. Scotiabank reissued a "sector perform" rating and issued a $35.00 price objective (up from $33.00) on shares of CNX Resources in a report on Friday, July 11th. Finally, Piper Sandler cut their price objective on CNX Resources from $26.00 to $24.00 and set an "underweight" rating on the stock in a report on Thursday, August 14th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $31.77.

CNX Resources Price Performance

CNX stock traded up $0.2150 during mid-day trading on Wednesday, reaching $28.4550. 998,003 shares of the company's stock were exchanged, compared to its average volume of 2,645,025. The company has a market cap of $4.02 billion, a price-to-earnings ratio of 48.21, a price-to-earnings-growth ratio of 0.24 and a beta of 0.64. The stock's 50 day moving average is $31.85 and its 200 day moving average is $31.03. 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 12-month low of $26.45 and a 12-month high of $41.93.

About CNX Resources

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.