Healthcare of Ontario Pension Plan Trust Fund Has $16.20 Million Position in CNX Resources Corporation. $CNX

Key Points

• Healthcare of Ontario Pension Plan Trust Fund increased its CNX Resources stake by 451.5% in the first quarter, acquiring 344,042 additional shares for a total position worth approximately $16.2 million.
• Institutional investors own 95.16% of CNX Resources, with several major funds—including Arrowstreet Capital, Balyasny Asset Management and Goldman Sachs—also expanding their holdings.
• CNX shares opened at $33.80, while analysts maintain a consensus “Reduce” rating, with one Buy, eight Hold and three Sell ratings and an average price target of $35.44.

Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in CNX Resources Corporation. (NYSE:CNX - Free Report) by 451.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 420,244 shares of the oil and gas producer's stock after acquiring an additional 344,042 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned 0.30% of CNX Resources worth $16,200,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CNX. Arrowstreet Capital Limited Partnership boosted its holdings in CNX Resources by 6,057.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer's stock valued at $147,988,000 after purchasing an additional 3,776,511 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of CNX Resources by 601.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer's stock worth $35,507,000 after buying an additional 947,931 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of CNX Resources by 20.6% in the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer's stock worth $175,210,000 after buying an additional 815,039 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of CNX Resources by 45.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer's stock worth $74,327,000 after buying an additional 633,539 shares during the period. Finally, AQR Capital Management LLC lifted its position in shares of CNX Resources by 112.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer's stock worth $33,932,000 after buying an additional 532,770 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Stock Down 1.4%

NYSE CNX opened at $33.80 on Tuesday. The firm has a market cap of $4.78 billion, a PE ratio of 4.69 and a beta of 0.59. CNX Resources Corporation. has a one year low of $27.72 and a one year high of $43.62. The stock's 50 day simple moving average is $33.66 and its 200 day simple moving average is $36.96. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46.

Insider Transactions at CNX Resources

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of the business's stock in a transaction 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 owned 426,585 shares of the company's stock, valued at approximately $16,316,876.25. The trade was a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.03% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CNX. Weiss Ratings cut CNX Resources from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, May 28th. Zacks Research cut CNX Resources from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 28th. Truist Financial upgraded shares of CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 target price on the stock in a research note on Wednesday, July 15th. Tudor Pickering raised shares of CNX Resources from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. Finally, Mizuho lowered their target price on shares of CNX Resources from $44.00 to $42.00 and set a "neutral" rating on the stock in a report 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Reduce" and an average target price of $35.44.

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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