Federated Hermes Inc. Purchases 323,553 Shares of CNX Resources Corporation. (NYSE:CNX)

Key Points

• Federated Hermes Inc. increased its holdings in CNX Resources Corporation by 462.8% in Q1, owning 393,462 shares valued at approximately $12.4 million.
• Major hedge funds, including Bessemer Group Inc. and Harbor Capital Advisors Inc., have also increased their stakes in CNX Resources, indicating strong institutional interest.
• CNX Resources' stock rating varies among analysts, with eight giving it a "sell" rating, while the average price target is $31.92 according to MarketBeat.

Federated Hermes Inc. boosted its stake in CNX Resources Corporation. (NYSE:CNX - Free Report) by 462.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 393,462 shares of the oil and gas producer's stock after buying an additional 323,553 shares during the quarter. Federated Hermes Inc. owned approximately 0.27% of CNX Resources worth $12,386,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CNX. Bessemer Group Inc. lifted its position in CNX Resources by 131.5% in the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock worth $34,000 after buying an additional 526 shares in the last quarter. Harbor Capital Advisors Inc. acquired a new position in shares of CNX Resources during the 1st quarter worth $61,000. Sound Income Strategies LLC acquired a new position in shares of CNX Resources during the 1st quarter worth $63,000. UMB Bank n.a. increased its stake in shares of CNX Resources by 59.7% during the 1st quarter. UMB Bank n.a. now owns 2,062 shares of the oil and gas producer's stock worth $65,000 after purchasing an additional 771 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new position in shares of CNX Resources during the 4th quarter worth $88,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

Insider Activity at CNX Resources

In other CNX Resources news, Director J. Palmer Clarkson acquired 10,000 shares of CNX Resources stock in a transaction dated Monday, May 12th. The stock was bought at an average cost of $31.20 per share, with a total value of $312,000.00. Following the acquisition, the director owned 245,433 shares of the company's stock, valued at approximately $7,657,509.60. The trade was a 4.25% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.59% of the company's stock.

Analyst Ratings Changes

CNX has been the topic of several analyst reports. Morgan Stanley restated an "underweight" rating and set a $31.00 price target on shares of CNX Resources in a research note on Tuesday, April 15th. Cowen restated a "hold" rating on shares of CNX Resources in a research note on Friday, April 25th. Barclays assumed coverage on shares of CNX Resources in a research note on Monday, July 7th. They issued an "equal weight" rating and a $33.00 target price on the stock. Piper Sandler raised their target price on shares of CNX Resources from $25.00 to $26.00 and gave the company an "underweight" rating in a research note on Friday. Finally, Mizuho raised their target price on shares of CNX Resources from $35.00 to $36.00 and gave the company an "underperform" rating in a research note on Tuesday, May 13th. Eight research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, CNX Resources currently has an average rating of "Hold" and a consensus price target of $31.92.

CNX Resources Price Performance

Shares of NYSE:CNX traded up $0.16 during midday trading on Monday, reaching $29.07. 2,289,889 shares of the company's stock were exchanged, compared to its average volume of 2,537,055. The company's 50 day simple moving average is $32.55 and its two-hundred day simple moving average is $31.03. The firm has a market capitalization of $4.11 billion, a PE ratio of 49.27, a price-to-earnings-growth ratio of 0.28 and a beta of 0.64. CNX Resources Corporation. has a 12 month low of $23.85 and a 12 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.

CNX Resources Company 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.