Dorsey Wright & Associates Has $9.51 Million Stock Position in CNX Resources Corporation. $CNX

Key Points

• Dorsey Wright & Associates increased its CNX Resources stake by 64.9% in Q1, adding 97,051 shares to bring its holdings to 246,573 shares worth about $9.51 million.
• CNX Resources remains heavily owned by institutions, with 95.16% of shares held by institutional investors; several other funds, including Dimensional Fund Advisors and Capital Research Global Investors, also increased their positions.
• Insider and analyst sentiment appears mixed: director William N. Thorndike Jr. sold 28,800 shares, and the stock currently carries a “Reduce” consensus rating with an average price target of $35.44, slightly above its recent trading price of $33.27.

Dorsey Wright & Associates lifted its position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 64.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 246,573 shares of the oil and gas producer's stock after acquiring an additional 97,051 shares during the period. CNX Resources makes up about 1.2% of Dorsey Wright & Associates' portfolio, making the stock its 26th largest holding. Dorsey Wright & Associates owned approximately 0.17% of CNX Resources worth $9,505,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in CNX Resources by 1.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,745,218 shares of the oil and gas producer's stock worth $321,570,000 after purchasing an additional 118,817 shares in the last quarter. Capital Research Global Investors boosted its position in CNX Resources by 20.6% in the fourth quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer's stock valued at $175,210,000 after buying an additional 815,039 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of CNX Resources by 45.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer's stock worth $74,327,000 after buying an additional 633,539 shares during the last quarter. Morgan Stanley grew its stake in shares of CNX Resources by 2.0% during the fourth quarter. Morgan Stanley now owns 1,860,631 shares of the oil and gas producer's stock worth $68,415,000 after buying an additional 35,932 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of CNX Resources by 16.7% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,400,000 shares of the oil and gas producer's stock worth $47,152,000 after buying an additional 200,000 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Insider Activity

In related news, Director William N. Thorndike, Jr. sold 28,800 shares of CNX Resources stock in a transaction 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 completion of the sale, the director owned 426,585 shares of the company's stock, valued at approximately $16,316,876.25. This trade represents a 6.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.03% of the stock is currently owned by corporate insiders.

CNX Resources Trading Down 0.6%

Shares of CNX Resources stock opened at $33.27 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.46 and a current ratio of 0.49. CNX Resources Corporation. has a 52 week low of $27.72 and a 52 week high of $43.62. The stock has a 50 day moving average price of $33.92 and a two-hundred day moving average price of $37.07. The stock has a market capitalization of $4.71 billion, a PE ratio of 4.62 and a beta of 0.59.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CNX shares. Weiss Ratings cut CNX Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, May 28th. Mizuho lowered their target price on CNX Resources from $44.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Tudor Pickering raised CNX Resources from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. Barclays cut their price target on CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 26th. Finally, Truist Financial upgraded CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price target on the stock in a report on Wednesday. One analyst has rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, CNX Resources presently has a consensus rating of "Reduce" and a consensus price target of $35.44.

CNX Resources 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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