Citigroup Inc. Sells 153,077 Shares of CNX Resources Corporation. $CNX

Key Points

• Citigroup Inc. has reduced its stake in CNX Resources Corporation by 29.7%, selling 153,077 shares and now owning 362,822 shares valued at approximately $11.4 million.
• Other institutional investors have also adjusted their holdings, with Bessemer Group Inc. increasing its stake by 131.5% and Capital Research Global Investors boosting theirs by 31.8% in the last quarter.
• The current consensus rating for CNX Resources shares is "Hold," with a price target averaging around $31.77 according to analyst reports.

Citigroup Inc. trimmed its position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 29.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 362,822 shares of the oil and gas producer's stock after selling 153,077 shares during the quarter. Citigroup Inc. owned 0.25% of CNX Resources worth $11,422,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CNX. Raymond James Financial Inc. bought a new position in CNX Resources during the fourth quarter worth about $14,268,000. Bessemer Group Inc. raised 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 purchasing an additional 526 shares during the period. First Trust Advisors LP lifted its holdings in shares of CNX Resources by 12.0% during the 4th quarter. First Trust Advisors LP now owns 645,591 shares of the oil and gas producer's stock valued at $23,674,000 after purchasing an additional 69,280 shares in the last quarter. Capital Research Global Investors grew its position in shares of CNX Resources by 31.8% in the 4th quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer's stock valued at $53,172,000 after purchasing an additional 350,000 shares during the period. Finally, MetLife Investment Management LLC grew its position in shares of CNX Resources by 5.5% in the 4th quarter. MetLife Investment Management LLC now owns 168,910 shares of the oil and gas producer's stock valued at $6,194,000 after purchasing an additional 8,875 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

CNX has been the topic of a number of research reports. Scotiabank reaffirmed a "sector perform" rating and issued a $35.00 price target (up previously from $33.00) on shares of CNX Resources in a research note on Friday, July 11th. Cowen reaffirmed a "hold" rating on shares of CNX Resources in a research report on Friday, April 25th. Mizuho upped their target price on shares of CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a research note on Tuesday, May 13th. TD Cowen upgraded CNX Resources to a "hold" rating in a report on Monday, July 7th. Finally, Piper Sandler cut their price target 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 equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the stock. Based on data from MarketBeat.com, CNX Resources currently has an average rating of "Reduce" and an average price target of $31.77.

CNX Resources Stock Up 0.9%

CNX stock traded up $0.2440 during midday trading on Thursday, hitting $28.5940. The company's stock had a trading volume of 1,419,978 shares, compared to its average volume of 2,170,454. The company's fifty day moving average price is $31.71 and its 200 day moving average price is $31.02. 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 twelve month low of $26.50 and a twelve month high of $41.93. The stock has a market capitalization of $4.04 billion, a P/E ratio of 48.47, a PEG ratio of 0.25 and a beta of 0.64.

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.