Hsbc Holdings PLC Trims Stock Position in CNX Resources Corporation. $CNX

Key Points

• HSBC Holdings PLC cut its position in CNX Resources by 68.9% in the fourth quarter, leaving it with 30,851 shares valued at about $1.14 million.
• Several other institutional investors adjusted their CNX stakes, and hedge funds and institutions now own 95.16% of the company’s stock.
• CNX shares were trading around $31.96, while analysts broadly remain cautious: the stock has a consensus rating of “Reduce” with an average price target of $35.44.

Hsbc Holdings PLC reduced its stake in CNX Resources Corporation. (NYSE:CNX - Free Report) by 68.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 30,851 shares of the oil and gas producer's stock after selling 68,313 shares during the quarter. Hsbc Holdings PLC's holdings in CNX Resources were worth $1,143,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CNX. Rockefeller Capital Management L.P. raised its stake in shares of CNX Resources by 101.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 5,351 shares of the oil and gas producer's stock worth $197,000 after purchasing an additional 2,696 shares during the last quarter. Nalls Sherbakoff Group LLC purchased a new position in CNX Resources during the 4th quarter worth $201,000. Rehmann Capital Advisory Group purchased a new position in CNX Resources during the 4th quarter worth $231,000. Dorsey Wright & Associates acquired a new position in shares of CNX Resources during the fourth quarter worth about $5,498,000. Finally, Axxcess Wealth Management LLC purchased a new position in CNX Resources during the fourth quarter worth about $358,000. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Trading Down 0.1%

NYSE:CNX opened at $31.96 on Monday. CNX Resources Corporation. has a 52-week low of $27.72 and a 52-week 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. The stock has a fifty day simple moving average of $34.33 and a 200-day simple moving average of $37.22. The company has a market capitalization of $4.52 billion, a PE ratio of 4.44 and a beta of 0.59.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CNX shares. Truist Financial assumed coverage on CNX Resources in a report on Tuesday, March 24th. They issued a "sell" rating and a $35.00 price objective on the stock. Weiss Ratings downgraded CNX Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, May 28th. Mizuho reduced their price target on CNX Resources from $44.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Zacks Research downgraded CNX Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Finally, Barclays dropped their price objective on CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, CNX Resources currently has an average rating of "Reduce" and a consensus target price of $35.44.

Insider Activity at CNX Resources

In other news, Director William N. Thorndike, Jr. sold 28,800 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the completion of the transaction, the director directly owned 426,585 shares of the company's stock, valued at $16,316,876.25. This trade represents a 6.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.03% of the stock is owned by corporate insiders.

CNX Resources Company 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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