Dorsey Wright & Associates Invests $5.50 Million in CNX Resources Corporation. $CNX

Key Points

• Dorsey Wright & Associates opened a new position in CNX Resources during the fourth quarter, buying 149,522 shares worth about $5.5 million. The stake represents 1.2% of its portfolio and makes CNX its 25th largest holding.
• Other large institutional investors also increased or maintained sizable positions, and 95.16% of CNX shares are held by institutions and hedge funds. This suggests the stock remains heavily owned by professional investors despite recent changes.
• CNX shares were trading around $32.72, below their 50-day and 200-day moving averages, while analysts have turned cautious with a consensus rating of "Reduce" and an average price target of $35.44. Several firms recently downgraded or issued underweight/sell ratings.

Dorsey Wright & Associates purchased a new stake in CNX Resources Corporation. (NYSE:CNX - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 149,522 shares of the oil and gas producer's stock, valued at approximately $5,498,000. CNX Resources comprises 1.2% of Dorsey Wright & Associates' portfolio, making the stock its 25th biggest position. Dorsey Wright & Associates owned 0.11% of CNX Resources at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in CNX Resources by 1.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,745,218 shares of the oil and gas producer's stock valued at $321,570,000 after purchasing an additional 118,817 shares in the last quarter. Capital Research Global Investors raised its holdings 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 worth $175,210,000 after purchasing an additional 815,039 shares during the period. American Century Companies Inc. raised its holdings 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 worth $103,954,000 after purchasing an additional 454,071 shares during the period. Goldman Sachs Group Inc. boosted its position 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 purchasing an additional 633,539 shares in the last quarter. Finally, Morgan Stanley boosted its position 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 purchasing an additional 35,932 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $32.72 on Friday. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of 4.54 and a beta of 0.58. The stock's 50-day moving average is $36.07 and its 200-day moving average is $37.88. CNX Resources Corporation. has a one year low of $27.72 and a one year high of $43.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CNX shares. Zacks Research cut shares of CNX Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Truist Financial began coverage on CNX Resources in a report on Tuesday, March 24th. They set a "sell" rating and a $35.00 target price on the stock. Weiss Ratings cut CNX Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, May 28th. Morgan Stanley reissued an "underweight" rating on shares of CNX Resources in a research note on Friday, March 27th. Finally, Tudor Pickering upgraded CNX Resources from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, CNX Resources currently has a consensus rating of "Reduce" and an average price target of $35.44.

Insider Buying and Selling

In other CNX Resources news, Director Maureen Lally-Green sold 23,631 shares of the company's 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 of the company's stock, valued at $6,701,683.04. This represents a 12.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William N. Thorndike, Jr. sold 28,800 shares of the company's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $38.25, for a total value of $1,101,600.00. Following the transaction, the director directly 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 SEC filing for this sale provides additional information. 5.03% of the stock is currently owned by company insiders.

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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