Hsbc Holdings PLC Lowers Position in CNX Resources Corporation. $CNX

Key Points

• Hsbc Holdings PLC significantly reduced its stake in CNX Resources by selling 271,086 shares, bringing its ownership down to 7,516 shares, valued at approximately $238,000.
• Institutional investors hold a significant majority of CNX Resources' stock, with 95.16% ownership, indicating strong institutional interest.
• CNX Resources has received mixed ratings from analysts, with one 'Buy', eight 'Hold', and seven 'Sell' ratings, and a consensus price target of $31.77.

Hsbc Holdings PLC decreased its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 97.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 7,516 shares of the oil and gas producer's stock after selling 271,086 shares during the period. Hsbc Holdings PLC's holdings in CNX Resources were worth $238,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new position in CNX Resources in the first quarter worth $61,000. Sound Income Strategies LLC purchased a new position in CNX Resources in the first quarter worth $63,000. UMB Bank n.a. lifted its stake in 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 purchasing an additional 771 shares during the last quarter. Ameriflex Group Inc. bought a new stake in CNX Resources in the fourth quarter worth $88,000. Finally, Farther Finance Advisors LLC lifted its stake in CNX Resources by 21.0% in the first quarter. Farther Finance Advisors LLC now owns 2,931 shares of the oil and gas producer's stock worth $93,000 after purchasing an additional 508 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Stock Up 0.4%

CNX traded up $0.11 on Friday, hitting $29.51. The company had a trading volume of 1,493,196 shares, compared to its average volume of 1,373,546. 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 52-week low of $26.50 and a 52-week high of $41.93. The stock has a fifty day simple moving average of $30.70 and a 200-day simple moving average of $30.98. The firm has a market capitalization of $4.17 billion, a P/E ratio of 50.01, a P/E/G ratio of 0.26 and a beta of 0.60.

Wall Street Analyst Weigh In

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

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.