Comerica Bank Reduces Position in CNX Resources Corporation. $CNX

Key Points

• Comerica Bank reduced its holdings in CNX Resources Corporation by 25.4%, selling 23,851 shares during the first quarter, leaving it with 69,910 shares valued at approximately $2.2 million.
• Despite Comerica's reduction, several institutional investors increased their stakes in CNX Resources, with the State of Alaska Department of Revenue raising its position by 2.4%.
• The stock has a market capitalization of $4.13 billion and a consensus rating of "Reduce" from analysts, with an average price target of $31.77.

Comerica Bank trimmed its holdings in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 25.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 69,910 shares of the oil and gas producer's stock after selling 23,851 shares during the quarter. Comerica Bank's holdings in CNX Resources were worth $2,201,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. State of Alaska Department of Revenue increased its position in shares of CNX Resources by 2.4% during the first quarter. State of Alaska Department of Revenue now owns 17,437 shares of the oil and gas producer's stock worth $548,000 after acquiring an additional 415 shares during the last quarter. Fox Run Management L.L.C. increased its position in shares of CNX Resources by 2.7% during the first quarter. Fox Run Management L.L.C. now owns 16,317 shares of the oil and gas producer's stock worth $514,000 after acquiring an additional 432 shares during the last quarter. Pullen Investment Management LLC increased its position in shares of CNX Resources by 1.5% during the first quarter. Pullen Investment Management LLC now owns 32,633 shares of the oil and gas producer's stock worth $1,027,000 after acquiring an additional 482 shares during the last quarter. Farther Finance Advisors LLC grew its stake in CNX Resources by 21.0% in the first quarter. Farther Finance Advisors LLC now owns 2,931 shares of the oil and gas producer's stock worth $93,000 after purchasing an additional 508 shares in the last quarter. Finally, SummerHaven Investment Management LLC grew its stake in CNX Resources by 1.8% in the first quarter. SummerHaven Investment Management LLC now owns 30,284 shares of the oil and gas producer's stock worth $953,000 after purchasing an additional 525 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $29.20 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 0.33 and a debt-to-equity ratio of 0.56. The firm's 50-day moving average price is $31.05 and its two-hundred day moving average price is $31.01. CNX Resources Corporation. has a 52-week low of $26.50 and a 52-week high of $41.93. The stock has a market capitalization of $4.13 billion, a P/E ratio of 49.48, a P/E/G ratio of 0.26 and a beta of 0.60.

Analyst Upgrades and Downgrades

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

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