Quantbot Technologies LP Raises Stock Position in CNX Resources Corporation. $CNX

Key Points

• Quantbot Technologies LP increased its stake in CNX Resources Corporation by 355.9% in the first quarter, owning approximately $10.60 million worth of shares after acquiring an additional 262,770 shares.
• Institutional investors hold 95.16% of CNX's stock, with significant investments from firms like Woodline Partners LP and Vanguard Group Inc., which contributed to a total market capitalization of $4.07 billion.
• CNX Resources has received mixed analyst ratings, with a consensus rating of "Hold" and a target price averaging around $31.77, reflecting a cautious outlook from multiple research reports.

Quantbot Technologies LP grew its position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 355.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 336,611 shares of the oil and gas producer's stock after acquiring an additional 262,770 shares during the period. Quantbot Technologies LP owned about 0.23% of CNX Resources worth $10,597,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CNX. Raymond James Financial Inc. bought a new position in shares of CNX Resources during the fourth quarter valued at about $14,268,000. First Trust Advisors LP raised its stake in CNX Resources by 12.0% in the fourth quarter. First Trust Advisors LP now owns 645,591 shares of the oil and gas producer's stock worth $23,674,000 after buying an additional 69,280 shares in the last quarter. Capital Research Global Investors raised its stake in CNX Resources by 31.8% in the fourth quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer's stock worth $53,172,000 after buying an additional 350,000 shares in the last quarter. MetLife Investment Management LLC raised its stake in CNX Resources by 5.5% in the fourth quarter. MetLife Investment Management LLC now owns 168,910 shares of the oil and gas producer's stock worth $6,194,000 after buying an additional 8,875 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in CNX Resources by 254.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 26,105 shares of the oil and gas producer's stock worth $957,000 after buying an additional 18,733 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

CNX Resources Stock Up 0.8%

Shares of NYSE:CNX traded up $0.2170 during trading on Friday, reaching $28.8670. 1,552,985 shares of the stock traded hands, compared to its average volume of 2,080,070. The stock has a 50-day moving average of $31.63 and a two-hundred day moving average of $31.02. CNX Resources Corporation. has a 52-week low of $26.50 and a 52-week high of $41.93. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.30 and a current ratio of 0.33. The stock has a market cap of $4.08 billion, a P/E ratio of 48.93, a price-to-earnings-growth ratio of 0.25 and a beta of 0.64.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CNX. Mizuho increased their price target 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. Cowen reaffirmed a "hold" rating on shares of CNX Resources in a research note on Friday, April 25th. Barclays started coverage on shares of CNX Resources in a research note on Monday, July 7th. They set an "equal weight" rating and a $33.00 target price for the company. Scotiabank reiterated a "sector perform" rating and set a $35.00 price target (up previously from $33.00) on shares of CNX Resources in a report on Friday, July 11th. Finally, Piper Sandler cut their price target on shares of CNX Resources from $26.00 to $24.00 and set an "underweight" rating on the stock in a report on Thursday, August 14th. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and seven have assigned a Sell rating to the company. According to MarketBeat.com, CNX Resources has a consensus rating of "Reduce" and an average target price of $31.77.

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.