Brandywine Global Investment Management LLC Lowers Holdings 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 lowered its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 4.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 669,997 shares of the oil and gas producer's stock after selling 30,037 shares during the period. Brandywine Global Investment Management LLC owned approximately 0.46% of CNX Resources worth $21,092,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CNX. Raymond James Financial Inc. bought a new stake in shares of CNX Resources during the fourth quarter worth about $14,268,000. Bessemer Group Inc. increased its position in shares of CNX Resources by 131.5% during the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock worth $34,000 after acquiring an additional 526 shares in the last quarter. First Trust Advisors LP increased its position in shares of CNX Resources by 12.0% during the fourth quarter. First Trust Advisors LP now owns 645,591 shares of the oil and gas producer's stock worth $23,674,000 after acquiring an additional 69,280 shares in the last quarter. Capital Research Global Investors increased its position in shares of CNX Resources by 31.8% during the fourth quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer's stock worth $53,172,000 after acquiring an additional 350,000 shares in the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of CNX Resources by 5.5% during the fourth quarter. MetLife Investment Management LLC now owns 168,910 shares of the oil and gas producer's stock worth $6,194,000 after acquiring an additional 8,875 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Mizuho upped their price objective on shares of CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a research report on Tuesday, May 13th. Barclays assumed coverage on shares of CNX Resources in a research report on Monday, July 7th. They issued an "equal weight" rating and a $33.00 price objective for the company. TD Cowen raised shares of CNX Resources to a "hold" rating in a research report on Monday, July 7th. Cowen reissued a "hold" rating on shares of CNX Resources in a research report on Friday, April 25th. Finally, Scotiabank reissued 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. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and seven have issued a Sell rating to the company's stock. According to MarketBeat, CNX Resources has a consensus rating of "Reduce" and a consensus price target of $31.77.

CNX Resources Stock Performance

Shares of CNX stock traded up $0.0950 during trading on Thursday, reaching $28.4450. 313,072 shares of the company's stock traded hands, compared to its average volume of 2,635,446. The company has a market capitalization of $4.02 billion, a P/E ratio of 48.20, a PEG ratio of 0.24 and a beta of 0.64. The company has a current ratio of 0.33, a quick ratio of 0.30 and a debt-to-equity ratio of 0.56. The firm's 50-day moving average is $31.78 and its 200 day moving average is $31.01. CNX Resources Corporation. has a 1 year low of $26.50 and a 1 year high of $41.93.

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.