Adage Capital Partners GP L.L.C. Has $37.78 Million Stake in CNX Resources Corporation. $CNX

Key Points

• Adage Capital Partners GP L.L.C. significantly increased its stake in CNX Resources Corporation by 514%, owning approximately 1.2 million shares worth about $37.8 million as of the latest quarter.
• Various other institutional investors, including Vanguard Group Inc. and Millennium Management LLC, also raised their stakes, resulting in 95.16% of the stock being held by institutional investors.
• CNX Resources stock has seen mixed analyst ratings, with an average price target of $31.77, indicating cautious sentiment toward the company's performance in the market.

Adage Capital Partners GP L.L.C. raised its holdings in CNX Resources Corporation. (NYSE:CNX - Free Report) by 514.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,200,000 shares of the oil and gas producer's stock after acquiring an additional 1,004,545 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.83% of CNX Resources worth $37,776,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Perbak Capital Partners LLP bought a new position in CNX Resources in the first quarter valued at about $360,000. Graham Capital Management L.P. grew its position in CNX Resources by 856.6% in the first quarter. Graham Capital Management L.P. now owns 75,477 shares of the oil and gas producer's stock valued at $2,376,000 after acquiring an additional 67,587 shares during the last quarter. Vident Advisory LLC bought a new position in CNX Resources in the first quarter valued at about $725,000. Magnetar Financial LLC acquired a new stake in shares of CNX Resources during the first quarter valued at about $257,000. Finally, Canada Pension Plan Investment Board boosted its stake in shares of CNX Resources by 201.7% during the first quarter. Canada Pension Plan Investment Board now owns 288,700 shares of the oil and gas producer's stock valued at $9,088,000 after purchasing an additional 193,000 shares in the last quarter. Institutional investors own 95.16% of the company's stock.

CNX Resources Trading Up 0.7%

Shares of NYSE:CNX traded up $0.20 during mid-day trading on Tuesday, hitting $29.22. The company had a trading volume of 290,320 shares, compared to its average volume of 2,546,931. The firm has a fifty day moving average price of $30.60 and a 200 day moving average price of $30.99. The company has a market capitalization of $4.13 billion, a PE ratio of 49.52, a price-to-earnings-growth ratio of 0.26 and a beta of 0.60. 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 $26.50 and a one year high of $41.93.

Analyst Upgrades and Downgrades

Several research firms recently commented on CNX. Scotiabank reiterated 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. Mizuho lifted their target price 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. Piper Sandler cut their target price on shares of CNX Resources from $26.00 to $24.00 and set an "underweight" rating on the stock in a research report on Thursday, August 14th. TD Cowen upgraded shares of CNX Resources to a "hold" rating in a research report on Monday, July 7th. Finally, Barclays began coverage on shares of CNX Resources in a research report on Monday, July 7th. They set an "equal weight" rating and a $33.00 target price on the stock. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and seven have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and a consensus price target of $31.77.

CNX Resources 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.