Perbak Capital Partners LLP Purchases New Position in CNX Resources Corporation. $CNX

Key Points

• Perbak Capital Partners LLP purchased 11,430 shares of CNX Resources Corporation, valued at approximately $360,000, as disclosed in their recent SEC filing.
• A significant 95.16% of CNX Resources' stock is currently owned by hedge funds and other institutional investors, indicating strong institutional interest.
• Analyst ratings for CNX Resources show a mixed outlook, with one Buy rating, eight Holds, and seven Sells, leading to an average rating of Reduce and a consensus target price of $31.77.

Perbak Capital Partners LLP purchased a new stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,430 shares of the oil and gas producer's stock, valued at approximately $360,000.

Other large investors also recently modified their holdings of the company. State of Alaska Department of Revenue boosted its position 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 during the period. Fox Run Management L.L.C. lifted its stake in CNX Resources by 2.7% in the 1st quarter. Fox Run Management L.L.C. now owns 16,317 shares of the oil and gas producer's stock worth $514,000 after acquiring an additional 432 shares in the last quarter. Pullen Investment Management LLC lifted its stake in CNX Resources by 1.5% in the 1st quarter. Pullen Investment Management LLC now owns 32,633 shares of the oil and gas producer's stock worth $1,027,000 after acquiring an additional 482 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in CNX Resources by 21.0% in the 1st quarter. Farther Finance Advisors LLC now owns 2,931 shares of the oil and gas producer's stock worth $93,000 after acquiring an additional 508 shares in the last quarter. Finally, SummerHaven Investment Management LLC lifted its stake in CNX Resources by 1.8% in the 1st quarter. SummerHaven Investment Management LLC now owns 30,284 shares of the oil and gas producer's stock worth $953,000 after acquiring an additional 525 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on CNX. Mizuho increased their price objective on CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a research note on Tuesday, May 13th. Piper Sandler reduced their price objective on CNX Resources from $26.00 to $24.00 and set an "underweight" rating for the company in a research note on Thursday, August 14th. Barclays began coverage on CNX Resources in a research note on Monday, July 7th. They issued an "equal weight" rating and a $33.00 price objective for the company. TD Cowen raised CNX Resources to a "hold" rating in a research note on Monday, July 7th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $35.00 price target (up from $33.00) on shares of CNX Resources in a research note on Friday, July 11th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and seven have given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus price target of $31.77.

CNX Resources Stock Performance

Shares of CNX stock traded up $0.11 during trading on Friday, reaching $29.51. The company had a trading volume of 1,493,196 shares, compared to its average volume of 1,373,546. The company has a market capitalization of $4.17 billion, a PE ratio of 50.01, a PEG ratio of 0.26 and a beta of 0.60. The firm's 50 day simple moving average is $30.70 and its two-hundred day simple moving average is $30.98. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.33 and a quick ratio of 0.30. CNX Resources Corporation. has a one year low of $26.50 and a one year high of $41.93.

CNX Resources 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.