Financiere des Professionnels Fonds d investissement inc. Acquires Shares of 46,064 CNX Resources Corporation. $CNX

Key Points

• Financiere des Professionnels Fonds d investissement inc. opened a new position in CNX Resources in the first quarter, buying 46,064 shares valued at about $1.78 million.
• CNX Resources continues to see heavy institutional ownership, with several other investors adding or starting positions; hedge funds and other institutions now own 95.16% of the stock.
• Analysts have turned more cautious on the company, with multiple downgrades and a consensus rating of “Reduce” and an average price target of $35.44.

Financiere des Professionnels Fonds d investissement inc. bought a new position in CNX Resources Corporation. (NYSE:CNX - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 46,064 shares of the oil and gas producer's stock, valued at approximately $1,776,000.

Several other institutional investors have also made changes to their positions in the company. State of Wyoming acquired a new stake in shares of CNX Resources during the second quarter valued at approximately $29,000. Smartleaf Asset Management LLC boosted its stake in CNX Resources by 56.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock worth $30,000 after purchasing an additional 293 shares during the period. Los Angeles Capital Management LLC purchased a new position in CNX Resources during the 4th quarter worth approximately $34,000. Kestra Advisory Services LLC purchased a new position in CNX Resources during the 4th quarter worth approximately $50,000. Finally, Highlander Partners L.P. acquired a new stake in CNX Resources during the 4th quarter valued at $56,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director William N. Thorndike, Jr. sold 28,800 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the completion of the sale, the director directly owned 426,585 shares in the company, valued at approximately $16,316,876.25. This trade represents a 6.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.03% of the company's stock.

CNX Resources Stock Down 0.6%

CNX stock opened at $33.27 on Friday. The company has a 50 day moving average of $33.92 and a two-hundred day moving average of $37.07. The company has a market cap of $4.71 billion, a price-to-earnings ratio of 4.62 and a beta of 0.59. CNX Resources Corporation. has a 12-month low of $27.72 and a 12-month high of $43.62. The company has a quick ratio of 0.46, a current ratio of 0.49 and a debt-to-equity ratio of 0.47.

Analyst Ratings Changes

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

About CNX Resources

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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