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

Other hedge funds have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue grew its holdings in CNX Resources by 2.4% during the 1st quarter. State of Alaska Department of Revenue now owns 17,437 shares of the oil and gas producer's stock worth $548,000 after acquiring an additional 415 shares in the last quarter. Pullen Investment Management LLC lifted its position in shares of CNX Resources by 1.5% during the 1st quarter. Pullen Investment Management LLC now owns 32,633 shares of the oil and gas producer's stock worth $1,027,000 after purchasing an additional 482 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of CNX Resources by 21.0% during 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 in the last quarter. SummerHaven Investment Management LLC increased its holdings in CNX Resources by 1.8% in the first quarter. SummerHaven Investment Management LLC now owns 30,284 shares of the oil and gas producer's stock valued at $953,000 after buying an additional 525 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in CNX Resources by 5.8% in the first quarter. PNC Financial Services Group Inc. now owns 10,328 shares of the oil and gas producer's stock valued at $325,000 after buying an additional 562 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Stock Performance

Shares of CNX traded up $0.0150 during mid-day trading on Monday, reaching $28.8850. 1,001,330 shares of the company's stock were exchanged, compared to its average volume of 2,004,069. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.33 and a quick ratio of 0.30. The stock has a market capitalization of $4.08 billion, a PE ratio of 48.96, a price-to-earnings-growth ratio of 0.25 and a beta of 0.64. The business's fifty day simple moving average is $31.55 and its 200-day simple moving average is $31.05. CNX Resources Corporation. has a 52-week low of $26.50 and a 52-week high of $41.93.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CNX shares. TD Cowen raised CNX Resources to a "hold" rating in a research report on Monday, July 7th. Barclays initiated coverage on CNX Resources in a research note on Monday, July 7th. They set an "equal weight" rating and a $33.00 target price for the company. Mizuho raised their price objective on shares of CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a report on Tuesday, May 13th. Scotiabank restated a "sector perform" rating and set a $35.00 price objective (up previously from $33.00) on shares of CNX Resources in a research report on Friday, July 11th. Finally, Piper Sandler lowered their target price on shares of CNX Resources from $26.00 to $24.00 and set an "underweight" rating for the company in a report on Thursday, August 14th. One 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 data from MarketBeat, CNX Resources currently has a consensus rating of "Reduce" and a consensus price target of $31.77.

CNX Resources 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.