Invesco Ltd. Reduces Position in CNX Resources Corporation. $CNX

Key Points

• Invesco Ltd. significantly reduced its stake in CNX Resources Corporation by 56.7%, holding 930,726 shares after selling 1,219,193 shares in the 1st quarter.
• Several other hedge funds have also adjusted their positions, with UMB Bank increasing its stake by 59.7% during the same period, indicating ongoing interest in the stock.
• Analysts have mixed ratings on CNX Resources, with a consensus rating of “Reduce” and an average price target of $31.77 from the research community.

Invesco Ltd. lessened its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 56.7% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 930,726 shares of the oil and gas producer's stock after selling 1,219,193 shares during the period. Invesco Ltd. owned 0.64% of CNX Resources worth $29,299,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of CNX Resources during the 1st quarter valued at $718,000. Principal Financial Group Inc. increased its holdings in CNX Resources by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 472,300 shares of the oil and gas producer's stock valued at $14,868,000 after acquiring an additional 7,440 shares during the last quarter. Bridges Investment Management Inc. increased its holdings in CNX Resources by 111.3% in the 1st quarter. Bridges Investment Management Inc. now owns 44,673 shares of the oil and gas producer's stock valued at $1,406,000 after acquiring an additional 23,531 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in CNX Resources by 21.0% in the 1st quarter. Farther Finance Advisors LLC now owns 2,931 shares of the oil and gas producer's stock valued at $93,000 after acquiring an additional 508 shares during the last quarter. Finally, KBC Group NV increased its holdings in CNX Resources by 25.0% in the 1st quarter. KBC Group NV now owns 7,768 shares of the oil and gas producer's stock valued at $245,000 after acquiring an additional 1,552 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Price Performance

Shares of NYSE:CNX traded up $0.1650 on Monday, reaching $29.0350. The company's stock had a trading volume of 76,793 shares, compared to its average volume of 2,619,718. CNX Resources Corporation. has a 52-week low of $26.50 and a 52-week high of $41.93. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.30 and a current ratio of 0.33. The company has a 50-day simple moving average of $31.63 and a 200 day simple moving average of $31.05. The company has a market cap of $4.11 billion, a P/E ratio of 49.23, a PEG ratio of 0.25 and a beta of 0.64.

Wall Street Analyst Weigh In

CNX has been the topic of a number of research reports. TD Cowen upgraded shares of CNX Resources to a "hold" rating in a report on Monday, July 7th. Mizuho lifted their price target on shares of CNX Resources from $35.00 to $36.00 and gave the company an "underperform" rating in a report on Tuesday, May 13th. Scotiabank reiterated a "sector perform" rating and issued a $35.00 price target (up from $33.00) on shares of CNX Resources in a report on Friday, July 11th. Barclays initiated coverage on shares of CNX Resources in a report on Monday, July 7th. They issued an "equal weight" rating and a $33.00 price target on the stock. Finally, Piper Sandler reduced their price target on shares of CNX Resources from $26.00 to $24.00 and set an "underweight" rating on the stock in a report on Thursday, August 14th. One investment 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. Based on data from MarketBeat.com, CNX Resources presently has an average rating of "Reduce" and a consensus price target of $31.77.

About CNX Resources

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.