New York State Teachers Retirement System Has $4.84 Million Position in CNX Resources Corporation. $CNX

Key Points

• New York State Teachers Retirement System reduced its CNX Resources stake by 22.6% in the first quarter, selling 36,596 shares and ending with 125,595 shares valued at about $4.84 million.
• Several other major institutional investors also changed positions in CNX, and institutional ownership remains high at 95.16% of the company’s stock.
• Analysts are generally cautious on CNX Resources: the stock has a consensus “Reduce” rating with a target price of $35.44, while a company director also recently sold shares.

New York State Teachers Retirement System lessened its holdings in CNX Resources Corporation. (NYSE:CNX - Free Report) by 22.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 125,595 shares of the oil and gas producer's stock after selling 36,596 shares during the quarter. New York State Teachers Retirement System owned 0.09% of CNX Resources worth $4,842,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CNX. Dimensional Fund Advisors LP lifted its holdings in shares of CNX Resources by 1.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,745,218 shares of the oil and gas producer's stock worth $321,570,000 after acquiring an additional 118,817 shares during the period. Capital Research Global Investors raised its position in CNX Resources by 20.6% in the fourth quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer's stock worth $175,210,000 after purchasing an additional 815,039 shares in the last quarter. Goldman Sachs Group Inc. raised its position in CNX Resources by 45.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer's stock worth $74,327,000 after purchasing an additional 633,539 shares in the last quarter. Morgan Stanley lifted its stake in CNX Resources by 2.0% during the fourth quarter. Morgan Stanley now owns 1,860,631 shares of the oil and gas producer's stock worth $68,415,000 after purchasing an additional 35,932 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in CNX Resources by 16.7% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,400,000 shares of the oil and gas producer's stock valued at $47,152,000 after purchasing an additional 200,000 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Price Performance

CNX Resources stock opened at $33.23 on Thursday. The business's fifty day moving average is $34.61 and its two-hundred day moving average is $37.29. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.46 and a current ratio of 0.49. The firm has a market cap of $4.70 billion, a P/E ratio of 4.61 and a beta of 0.59. CNX Resources Corporation. has a 52 week low of $27.72 and a 52 week high of $43.62.

Wall Street Analyst Weigh In

CNX has been the topic of several analyst reports. Morgan Stanley lowered their price objective on CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a research note on Monday, June 29th. Barclays cut their target price on CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a research report on Tuesday, May 26th. Truist Financial initiated coverage on CNX Resources in a research report on Tuesday, March 24th. They issued a "sell" rating and a $35.00 price target on the stock. Tudor Pickering upgraded CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Finally, Weiss Ratings lowered CNX Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Reduce" and a consensus target price of $35.44.

Insider Transactions at CNX Resources

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of the stock in a transaction dated 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 sale, the director owned 426,585 shares of the company's stock, valued at $16,316,876.25. This represents a 6.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.03% of the stock is currently owned by company 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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