NewEdge Advisors LLC Sells 30,997 Shares of CNX Resources Corporation. $CNX

Key Points

• NewEdge Advisors cut its CNX Resources position by 30.3% in the first quarter, selling 30,997 shares and retaining 71,294 shares valued at approximately $2.75 million.
• Institutional ownership remains high at 95.16%, with several major funds—including Arrowstreet Capital, Balyasny Asset Management, and Goldman Sachs—significantly increasing their stakes.
• Analyst sentiment is cautious: CNX has an average “Reduce” rating and a $35.44 target price, while the stock recently opened at $35.36 and has a market capitalization of about $5.23 billion.

NewEdge Advisors LLC decreased its position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 30.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 71,294 shares of the oil and gas producer's stock after selling 30,997 shares during the quarter. NewEdge Advisors LLC owned 0.05% of CNX Resources worth $2,748,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership raised its holdings in CNX Resources by 6,057.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer's stock worth $147,988,000 after acquiring an additional 3,776,511 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in CNX Resources by 601.8% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer's stock valued at $35,507,000 after purchasing an additional 947,931 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of CNX Resources by 20.6% in the 4th 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. increased its holdings in shares of CNX Resources by 45.6% in the 4th 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. Finally, AQR Capital Management LLC raised its stake in shares of CNX Resources by 112.2% in the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer's stock worth $33,932,000 after purchasing an additional 532,770 shares during the last quarter. Institutional investors own 95.16% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CNX. Zacks Research lowered CNX Resources from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 28th. Tudor Pickering upgraded shares of CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Barclays decreased their price objective on shares of CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a report on Tuesday, May 26th. Weiss Ratings downgraded shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Finally, Morgan Stanley dropped their target price on shares of CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a report on Monday, June 29th. Nine equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, CNX Resources currently has an average rating of "Reduce" and an average target price of $35.44.

CNX Resources Price Performance

Shares of CNX Resources stock opened at $35.36 on Friday. CNX Resources Corporation. has a one year low of $27.72 and a one year high of $43.62. The stock's fifty day moving average is $33.82 and its 200 day moving average is $36.88. The stock has a market cap of $5.23 billion, a P/E ratio of 5.90 and a beta of 0.60. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72.

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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