Mackenzie Financial Corp Acquires New Position in CNX Resources Corporation. (NYSE:CNX)

Key Points

• Mackenzie Financial Corp purchased a stake of 10,359 shares in CNX Resources Corporation, valued at around $326,000, during the first quarter.
• Institutional investors and hedge funds collectively own 95.16% of CNX Resources' stock, with significant recent purchases by several firms including a 20.5% stake increase by Northern Trust Corp.
• CNX Resources' stock has a current price of $29.08, with a high of $41.93 and a low of $25.68 over the past year; analysts maintain an average rating of "Hold" with a price target of $31.92.

Mackenzie Financial Corp bought a new position in CNX Resources Corporation. (NYSE:CNX - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 10,359 shares of the oil and gas producer's stock, valued at approximately $326,000.

Other hedge funds also recently bought and sold shares of the company. Resona Asset Management Co. Ltd. acquired a new stake in CNX Resources in the fourth quarter valued at $489,000. Raymond James Financial Inc. bought a new stake in shares of CNX Resources during the 4th quarter valued at approximately $14,268,000. Bessemer Group Inc. boosted 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 worth $34,000 after buying an additional 526 shares during the period. Sterling Capital Management LLC raised its stake in CNX Resources by 17.9% during the fourth quarter. Sterling Capital Management LLC now owns 27,299 shares of the oil and gas producer's stock worth $1,001,000 after buying an additional 4,153 shares during the last quarter. Finally, XTX Topco Ltd lifted its position in shares of CNX Resources by 25.5% during the 4th quarter. XTX Topco Ltd now owns 30,957 shares of the oil and gas producer's stock valued at $1,135,000 after acquiring an additional 6,287 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. 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 report on Friday, July 11th. TD Cowen raised shares of CNX Resources to a "hold" rating in a report on Monday, July 7th. Morgan Stanley reaffirmed an "underweight" rating and issued a $31.00 target price on shares of CNX Resources in a research note on Tuesday, April 15th. Cowen reaffirmed a "hold" rating on shares of CNX Resources in a research note on Friday, April 25th. Finally, Mizuho lifted their target price on shares of CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a research note on Tuesday, May 13th. Eight investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $31.92.

CNX Resources Stock Performance

NYSE:CNX traded up $0.07 during mid-day trading on Tuesday, reaching $28.85. The company's stock had a trading volume of 1,006,880 shares, compared to its average volume of 2,683,585. The firm's fifty day moving average price is $32.21 and its two-hundred day moving average price is $31.02. The stock has a market cap of $4.08 billion, a P/E ratio of 48.90, a PEG ratio of 0.25 and a beta of 0.64. CNX Resources Corporation. has a 12-month low of $25.88 and a 12-month high of $41.93. 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.