LSV Asset Management Sells 62,013 Shares of CNX Resources Corporation. (NYSE:CNX)

Key Points

• LSV Asset Management has decreased its stake in CNX Resources Corporation by 4.6%, selling 62,013 shares and now holding 1,276,755 shares valued at approximately $40.2 million.
• Institutional investors hold a significant majority, with 95.16% of CNX's stock owned by such investors, while several firms recently made changes to their stakes in the company.
• Wall Street analysts have mixed views on CNX Resources, with the average rating being "Hold" and a consensus price target of $31.92, reflecting caution among investment firms.

LSV Asset Management lowered its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 4.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,276,755 shares of the oil and gas producer's stock after selling 62,013 shares during the quarter. LSV Asset Management owned about 0.88% of CNX Resources worth $40,192,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. State of Alaska Department of Revenue boosted its stake in shares of CNX Resources by 2.4% in the 1st quarter. State of Alaska Department of Revenue now owns 17,437 shares of the oil and gas producer's stock valued at $548,000 after purchasing an additional 415 shares in the last quarter. Pullen Investment Management LLC lifted its position in 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 valued at $1,027,000 after purchasing an additional 482 shares during the period. Farther Finance Advisors LLC lifted its position in CNX Resources by 21.0% during 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 purchasing an additional 508 shares during the period. SummerHaven Investment Management LLC lifted its position in CNX Resources by 1.8% during the 1st quarter. SummerHaven Investment Management LLC now owns 30,284 shares of the oil and gas producer's stock valued at $953,000 after purchasing an additional 525 shares during the period. Finally, Bessemer Group Inc. lifted its position in CNX Resources by 131.5% during the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock valued at $34,000 after purchasing an additional 526 shares during the period. Institutional investors own 95.16% of the company's stock.

CNX Resources Stock Performance

CNX stock traded up $0.06 during trading hours on Friday, hitting $29.12. 690,857 shares of the stock were exchanged, compared to its average volume of 2,703,042. The company has a current ratio of 0.33, a quick ratio of 0.30 and a debt-to-equity ratio of 0.56. The firm has a market capitalization of $4.12 billion, a P/E ratio of 49.40, a P/E/G ratio of 0.29 and a beta of 0.64. The company has a 50-day simple moving average of $32.35 and a two-hundred day simple moving average of $30.99. CNX Resources Corporation. has a 12 month low of $25.68 and a 12 month high of $41.93.

Insiders Place Their Bets

In other news, Director J. Palmer Clarkson acquired 10,000 shares of the stock in a transaction on Monday, May 12th. The shares were purchased at an average price of $31.20 per share, for a total transaction of $312,000.00. Following the transaction, the director directly owned 245,433 shares of the company's stock, valued at approximately $7,657,509.60. This represents a 4.25% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.10% of the stock is owned by insiders.

Analyst Ratings Changes

CNX has been the subject of a number of recent analyst reports. Barclays initiated coverage on 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. Piper Sandler increased their target price on CNX Resources from $25.00 to $26.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Mizuho upped their price target on CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a research report on Tuesday, May 13th. TD Cowen raised CNX Resources to a "hold" rating in a research report on Monday, July 7th. Finally, Morgan Stanley reissued an "underweight" rating and issued a $31.00 price objective on shares of CNX Resources in a report on Tuesday, April 15th. Eight investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $31.92.

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.