Federated Hermes Inc. Grows Position in 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. lifted its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 462.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 393,462 shares of the oil and gas producer's stock after purchasing an additional 323,553 shares during the quarter. Federated Hermes Inc. owned about 0.27% of CNX Resources worth $12,386,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CNX. Woodline Partners LP purchased a new position in CNX Resources in the fourth quarter worth $71,971,000. Millennium Management LLC raised its position in CNX Resources by 69.1% in the fourth quarter. Millennium Management LLC now owns 1,154,588 shares of the oil and gas producer's stock worth $42,339,000 after acquiring an additional 471,763 shares in the last quarter. Northern Trust Corp raised its position in CNX Resources by 20.5% in the fourth quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer's stock worth $88,792,000 after acquiring an additional 411,485 shares in the last quarter. Raymond James Financial Inc. purchased a new position in CNX Resources in the fourth quarter worth $14,268,000. Finally, Bridgewater Associates LP purchased a new position in CNX Resources in the fourth quarter worth $13,430,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Morgan Stanley reissued an "underweight" rating and issued a $31.00 target price on shares of CNX Resources in a report on Tuesday, April 15th. Barclays assumed coverage on CNX Resources in a report on Monday, July 7th. They issued an "equal weight" rating and a $33.00 target price on the stock. Cowen reissued a "hold" rating on shares of CNX Resources in a report on Friday, April 25th. Scotiabank reissued a "sector perform" rating and issued a $35.00 target price (up previously from $33.00) on shares of CNX Resources in a report on Friday, July 11th. Finally, TD Cowen raised CNX Resources to a "hold" rating in a report on Monday, July 7th. Eight investment 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. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $31.92.

CNX Resources Trading Down 0.1%

NYSE:CNX traded down $0.02 during mid-day trading on Wednesday, reaching $29.20. The company's stock had a trading volume of 868,426 shares, compared to its average volume of 2,716,940. The company's fifty day simple moving average is $32.44 and its two-hundred day simple moving average is $31.01. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.33 and a quick ratio of 0.30. CNX Resources Corporation. has a twelve month low of $24.55 and a twelve month high of $41.93. The stock has a market cap of $4.13 billion, a P/E ratio of 49.53, a P/E/G ratio of 0.29 and a beta of 0.64.

Insider Transactions at CNX Resources

In other CNX Resources news, Director J. Palmer Clarkson purchased 10,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were purchased at an average cost of $31.20 per share, with a total value of $312,000.00. Following the purchase, the director owned 245,433 shares in the company, valued at approximately $7,657,509.60. This represents a 4.25% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 4.59% of the company's stock.

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.