California State Teachers Retirement System Increases Stake in CNX Resources Corporation. $CNX

Key Points

• California State Teachers Retirement System increased its CNX Resources stake by 23.1% in the first quarter, acquiring 30,756 additional shares and holding 163,936 shares worth approximately $6.32 million.
• Institutional investors own approximately 95.16% of CNX Resources. However, analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $35.44.
• CNX shares opened at $34.50, near their 50-day moving average of $33.60 and below their 200-day average of $36.92. The natural gas producer has a $5.10 billion market capitalization and operates primarily in the Appalachian Basin.

California State Teachers Retirement System increased its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 23.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 163,936 shares of the oil and gas producer's stock after buying an additional 30,756 shares during the quarter. California State Teachers Retirement System owned about 0.12% of CNX Resources worth $6,320,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several analysts have commented on the company. Tudor Pickering raised CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Zacks Research lowered shares of CNX Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Barclays reduced their target price on shares of CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 26th. Mizuho dropped their target price on CNX Resources from $44.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. Finally, Morgan Stanley dropped 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. Nine investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $35.44.

CNX Resources Price Performance

Shares of CNX opened at $34.50 on Thursday. CNX Resources Corporation. has a 12 month low of $27.72 and a 12 month high of $43.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67. The stock has a fifty day moving average price of $33.60 and a 200 day moving average price of $36.92. The company has a market cap of $5.10 billion, a P/E ratio of 5.76 and a beta of 0.60.

CNX Resources Profile

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.

Want to see what other hedge funds are holding CNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CNX Resources Corporation. (NYSE:CNX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source