Pacer Advisors Inc. Sells 636,100 Shares of CNX Resources Corporation. $CNX

Key Points

• Pacer Advisors significantly reduced its CNX Resources position, selling 636,100 shares—or 94.6% of its holdings—in the first quarter. It retained 36,379 shares valued at approximately $1.4 million.
• Institutional investors own 95.16% of CNX Resources, while several other funds recently initiated or increased positions in the natural gas producer.
• Analyst sentiment remains cautious: CNX has an average “Reduce” rating, with nine Hold ratings and three Sell ratings, and a consensus price target of $35.44 compared with its reported share price of $35.13.

Pacer Advisors Inc. lowered its holdings in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 94.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,379 shares of the oil and gas producer's stock after selling 636,100 shares during the quarter. Pacer Advisors Inc.'s holdings in CNX Resources were worth $1,402,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. State of Wyoming bought a new stake in shares of CNX Resources during the second quarter worth $29,000. Smartleaf Asset Management LLC grew its holdings in shares of CNX Resources by 56.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock worth $30,000 after purchasing an additional 293 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in CNX Resources in the 4th quarter worth about $34,000. Kestra Advisory Services LLC purchased a new position in CNX Resources in the 4th quarter worth about $50,000. Finally, Highlander Partners L.P. purchased a new position in shares of CNX Resources during the fourth quarter worth approximately $56,000. Institutional investors own 95.16% of the company's stock.

CNX Resources Stock Performance

Shares of NYSE:CNX opened at $35.13 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $5.20 billion, a price-to-earnings ratio of 5.87 and a beta of 0.60. The firm has a 50 day moving average of $33.65 and a 200 day moving average of $36.91. CNX Resources Corporation. has a 52 week low of $27.72 and a 52 week high of $43.62.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CNX shares. Truist Financial raised CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 target price for the company in a research report on Wednesday, July 15th. Morgan Stanley dropped their price target on CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a research report on Monday, June 29th. Barclays cut their price target on CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 26th. Tudor Pickering upgraded CNX Resources from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. Finally, Mizuho lowered their price objective on shares of CNX Resources from $44.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. Nine investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Reduce" and a consensus target price of $35.44.

CNX Resources 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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