Graham Capital Management L.P. Buys 67,587 Shares of CNX Resources Corporation. $CNX

Key Points

• Graham Capital Management L.P. increased its holdings in CNX Resources Corporation by 856.6% in Q1, acquiring an additional 67,587 shares to total 75,477 shares worth approximately $2.38 million.
• The stock's recent performance shows it opened at $29.20, with a twelve-month low of $26.50 and a high of $41.93, reflecting its market capitalization of $4.13 billion.
• Analyst ratings indicate a mixed outlook for CNX Resources, with one buy, eight hold, and seven sell ratings, and a consensus price target of $31.77.

Graham Capital Management L.P. raised its position in CNX Resources Corporation. (NYSE:CNX - Free Report) by 856.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 75,477 shares of the oil and gas producer's stock after acquiring an additional 67,587 shares during the quarter. Graham Capital Management L.P. owned approximately 0.05% of CNX Resources worth $2,376,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new stake in shares of CNX Resources during the 1st quarter valued at about $61,000. Sound Income Strategies LLC purchased a new position in shares of CNX Resources in the first quarter worth approximately $63,000. UMB Bank n.a. boosted its holdings in shares of CNX Resources by 59.7% in the first quarter. UMB Bank n.a. now owns 2,062 shares of the oil and gas producer's stock worth $65,000 after buying an additional 771 shares during the last quarter. Ameriflex Group Inc. bought a new stake in CNX Resources during the fourth quarter valued at approximately $88,000. Finally, Farther Finance Advisors LLC increased its holdings in CNX Resources by 21.0% during the first quarter. Farther Finance Advisors LLC now owns 2,931 shares of the oil and gas producer's stock valued at $93,000 after buying an additional 508 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Price Performance

NYSE:CNX traded up $0.11 on Friday, reaching $29.51. 1,493,196 shares of the company's stock traded hands, compared to its average volume of 1,386,773. The stock has a 50-day simple moving average of $30.70 and a 200-day simple moving average of $30.99. CNX Resources Corporation. has a 12 month low of $26.50 and a 12 month high of $41.93. The firm has a market cap of $4.17 billion, a PE ratio of 50.01, a P/E/G ratio of 0.26 and a beta of 0.60. The company has a quick ratio of 0.30, a current ratio of 0.33 and a debt-to-equity ratio of 0.56.

Analyst Ratings Changes

Several brokerages have recently weighed in on CNX. TD Cowen upgraded shares of CNX Resources to a "hold" rating in a research note on Monday, July 7th. Piper Sandler decreased their target price on CNX Resources from $26.00 to $24.00 and set an "underweight" rating on the stock in a report on Thursday, August 14th. Scotiabank reiterated a "sector perform" rating and set a $35.00 target price (up from $33.00) on shares of CNX Resources in a research report on Friday, July 11th. Barclays began coverage on CNX Resources in a report on Monday, July 7th. They set an "equal weight" rating and a $33.00 price target for the company. Finally, Mizuho raised their price objective on CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and seven have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $31.77.

CNX Resources 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.