Hsbc Holdings PLC Cuts Stock Holdings 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 lowered its position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 97.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of CNX Resources by 4.4% during the first quarter. Vanguard Group Inc. now owns 15,952,281 shares of the oil and gas producer's stock worth $502,178,000 after purchasing an additional 665,289 shares in the last quarter. Woodline Partners LP acquired a new position in CNX Resources in the fourth quarter valued at $71,971,000. Nuveen Asset Management LLC boosted its stake in CNX Resources by 30.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,365,407 shares of the oil and gas producer's stock valued at $50,069,000 after acquiring an additional 322,203 shares in the last quarter. Millennium Management LLC boosted its stake 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 valued at $42,339,000 after acquiring an additional 471,763 shares in the last quarter. Finally, Nuveen LLC acquired a new position in CNX Resources in the first quarter valued at $35,567,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Scotiabank restated a "sector perform" rating and issued a $35.00 price objective (up previously from $33.00) on shares of CNX Resources in a research note on Friday, July 11th. Mizuho upped their price objective on shares of CNX Resources from $35.00 to $36.00 and gave the company an "underperform" rating in a research note on Tuesday, May 13th. Piper Sandler decreased their price objective 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. TD Cowen upgraded shares of CNX Resources to a "hold" rating in a research note on Monday, July 7th. Finally, Barclays assumed 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 objective for the company. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and seven have assigned a Sell rating to the stock. According to MarketBeat, CNX Resources presently has an average rating of "Reduce" and a consensus price target of $31.77.

CNX Resources Stock Performance

Shares of CNX traded up $0.15 during mid-day trading on Wednesday, hitting $29.25. 1,553,083 shares of the company's stock were exchanged, compared to its average volume of 1,393,427. CNX Resources Corporation. has a fifty-two week low of $26.58 and a fifty-two week high of $41.93. The firm has a market capitalization of $4.14 billion, a P/E ratio of 49.57, a P/E/G ratio of 0.26 and a beta of 0.60. The business's 50 day moving average is $30.48 and its two-hundred day moving average is $30.96. The company has a current ratio of 0.33, a quick ratio of 0.30 and a debt-to-equity ratio of 0.56.

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.