Corigliano Investment Advisers LLC Takes $16.15 Million Position in CNX Resources Corporation. $CNX

Key Points

• Corigliano Investment Advisers LLC has acquired approximately $16.15 million in shares of CNX Resources Corporation, making it the firm's 3rd largest holding with about 7.2% of its investment portfolio.
• Institutional investors control a significant portion of CNX Resources, owning 95.16% of the company's stock, with several firms increasing their stakes during the first quarter.
• CNX Resources has seen analysts give mixed ratings, with a consensus rating of "Reduce" and a target price averaging $31.77, indicating cautious sentiment in the market.

Corigliano Investment Advisers LLC bought a new position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 513,069 shares of the oil and gas producer's stock, valued at approximately $16,151,000. CNX Resources makes up about 7.2% of Corigliano Investment Advisers LLC's investment portfolio, making the stock its 3rd largest holding. Corigliano Investment Advisers LLC owned about 0.35% of CNX Resources at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in CNX. Harbor Capital Advisors Inc. acquired a new stake in shares of CNX Resources during the first quarter worth about $61,000. Sound Income Strategies LLC acquired a new stake in shares of CNX Resources during the first quarter worth about $63,000. UMB Bank n.a. increased its position in CNX Resources by 59.7% in the 1st quarter. UMB Bank n.a. now owns 2,062 shares of the oil and gas producer's stock valued at $65,000 after acquiring an additional 771 shares during the period. Ameriflex Group Inc. acquired a new position in CNX Resources in the 4th quarter valued at about $88,000. Finally, Farther Finance Advisors LLC increased its position in CNX Resources by 21.0% in the 1st quarter. Farther Finance Advisors LLC now owns 2,931 shares of the oil and gas producer's stock valued at $93,000 after acquiring an additional 508 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

CNX has been the topic of several recent research reports. Mizuho boosted their price target on CNX Resources from $35.00 to $36.00 and gave the company an "underperform" rating in a research report on Tuesday, May 13th. Barclays initiated coverage on CNX Resources in a research report on Monday, July 7th. They issued an "equal weight" rating and a $33.00 price target on the stock. TD Cowen upgraded CNX Resources to a "hold" rating in a research report on Monday, July 7th. Scotiabank restated a "sector perform" rating and issued a $35.00 price target (up previously from $33.00) on shares of CNX Resources in a research report on Friday, July 11th. Finally, Piper Sandler dropped their price target on CNX Resources from $26.00 to $24.00 and set an "underweight" rating on the stock in a research report on Thursday, August 14th. 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. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $31.77.

CNX Resources Price Performance

Shares of CNX traded up $0.38 on Tuesday, reaching $29.40. The stock had a trading volume of 402,117 shares, compared to its average volume of 2,547,458. CNX Resources Corporation. has a twelve month low of $26.50 and a twelve month high of $41.93. The firm has a market capitalization of $4.16 billion, a PE ratio of 49.83, a PEG ratio of 0.26 and a beta of 0.60. The firm has a 50-day moving average of $30.60 and a 200 day moving average of $30.99. The company has a quick ratio of 0.30, a current ratio of 0.33 and a debt-to-equity ratio of 0.56.

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.