CNX Resources Corporation. $CNX Shares Sold by LSV Asset Management

Key Points

• LSV Asset Management cut its CNX Resources stake by 73.6% in the fourth quarter, selling 465,500 shares and leaving it with 167,000 shares worth about $6.14 million.
• Insider selling continued, with directors William N. Thorndike Jr. and Maureen Lally-Green both reducing their holdings in recent transactions.
• CNX shares traded at $34.72, and analysts currently have an overall “Reduce” stance on the stock with an average price target of $35.67.

LSV Asset Management reduced its stake in CNX Resources Corporation. (NYSE:CNX - Free Report) by 73.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 167,000 shares of the oil and gas producer's stock after selling 465,500 shares during the period. LSV Asset Management owned 0.12% of CNX Resources worth $6,141,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. AlphaQuest LLC boosted its stake in CNX Resources by 5,703.1% in the third quarter. AlphaQuest LLC now owns 63,022 shares of the oil and gas producer's stock valued at $2,024,000 after acquiring an additional 61,936 shares during the period. American Century Companies Inc. boosted its stake in CNX Resources by 16.3% in the third quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer's stock valued at $103,954,000 after acquiring an additional 454,071 shares during the period. Capital Management Corp VA boosted its stake in CNX Resources by 9.0% in the third quarter. Capital Management Corp VA now owns 393,671 shares of the oil and gas producer's stock valued at $12,645,000 after acquiring an additional 32,404 shares during the period. Pullen Investment Management LLC boosted its stake in CNX Resources by 76.3% in the fourth quarter. Pullen Investment Management LLC now owns 68,083 shares of the oil and gas producer's stock valued at $2,503,000 after acquiring an additional 29,469 shares during the period. Finally, Capital Research Global Investors raised its holdings in shares of CNX Resources by 38.6% during the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer's stock valued at $126,874,000 after buying an additional 1,100,000 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at CNX Resources

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of CNX Resources stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $38.25, for a total value of $1,101,600.00. Following the transaction, the director owned 426,585 shares in the company, valued at approximately $16,316,876.25. The trade was a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Maureen Lally-Green sold 23,631 shares of CNX Resources stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $39.52, for a total transaction of $933,897.12. Following the completion of the transaction, the director owned 169,577 shares in the company, valued at approximately $6,701,683.04. This trade represents a 12.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.03% of the stock is owned by insiders.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $34.72 on Wednesday. CNX Resources Corporation. has a 12 month low of $27.72 and a 12 month high of $43.62. The stock has a market cap of $4.91 billion, a price-to-earnings ratio of 4.82 and a beta of 0.64. The stock's 50 day moving average price is $38.37 and its 200 day moving average price is $38.31. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CNX shares. Barclays lifted their price target on CNX Resources from $35.00 to $36.00 and gave the company an "underweight" rating in a report on Monday, March 16th. Roth Mkm set a $35.00 price target on CNX Resources and gave the company a "neutral" rating in a report on Thursday, January 29th. Truist Financial started coverage on CNX Resources in a report on Tuesday, March 24th. They set a "sell" rating and a $35.00 price target on the stock. Zacks Research cut CNX Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Finally, Tudor Pickering raised CNX Resources from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of $35.67.

CNX Resources Company 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.

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