CNX Resources Corporation. $CNX Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in CNX Resources Corporation by 3.5%, owning approximately 2.34 million shares valued at $73.54 million after selling 85,441 shares.
• Vanguard Group Inc. increased its holdings in CNX Resources by 4.4%, now owning about 15.95 million shares, while institutional investors collectively hold 95.16% of the company's stock.
• Analyst ratings vary, with one buy rating, eight holds, and seven sells among analysts, leading to a consensus rating of "Reduce" and an average price target of $31.77.

Northern Trust Corp trimmed its position in CNX Resources Corporation. (NYSE:CNX - Free Report) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,335,946 shares of the oil and gas producer's stock after selling 85,441 shares during the period. Northern Trust Corp owned about 1.61% of CNX Resources worth $73,536,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Algert Global LLC purchased a new position in CNX Resources in the 1st quarter valued at about $4,932,000. Corient IA LLC purchased a new position in CNX Resources in the 1st quarter valued at about $315,000. Fox Run Management L.L.C. lifted its holdings in CNX Resources by 2.7% in the 1st quarter. Fox Run Management L.L.C. now owns 16,317 shares of the oil and gas producer's stock valued at $514,000 after purchasing an additional 432 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in CNX Resources by 4.6% in the 1st quarter. Russell Investments Group Ltd. now owns 72,022 shares of the oil and gas producer's stock valued at $2,268,000 after purchasing an additional 3,171 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in CNX Resources by 59.7% in the 1st quarter. HighTower Advisors LLC now owns 46,592 shares of the oil and gas producer's stock valued at $1,467,000 after purchasing an additional 17,424 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Piper Sandler reduced their target price on shares of CNX Resources from $26.00 to $24.00 and set an "underweight" rating on the stock in a report on Thursday, August 14th. TD Cowen upgraded shares of CNX Resources to a "hold" rating in a report on Monday, July 7th. Barclays assumed coverage on shares of CNX Resources in a report on Monday, July 7th. They set an "equal weight" rating and a $33.00 price objective on the stock. Scotiabank reiterated a "sector perform" rating and set a $35.00 price objective (up from $33.00) on shares of CNX Resources in a report on Friday, July 11th. Finally, Mizuho increased their price objective on shares of CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a report on Tuesday, May 13th. One investment analyst has rated the stock with a Buy rating, eight have given a Hold rating and seven have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $31.77.

CNX Resources Trading Up 0.6%

CNX traded up $0.19 on Thursday, reaching $29.26. 1,043,493 shares of the company's stock were exchanged, compared to its average volume of 1,744,789. The company's 50 day moving average is $31.25 and its 200-day moving average is $31.01. The company has a market cap of $4.14 billion, a price-to-earnings ratio of 49.59, a PEG ratio of 0.25 and a beta of 0.64. CNX Resources Corporation. has a twelve month low of $26.50 and a twelve month high of $41.93. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.30 and a current ratio of 0.33.

About CNX Resources

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.