Vanguard Group Inc. Has $496.27 Million Position in CNX Resources Corporation. $CNX

Key Points

• Vanguard Group trimmed its CNX position by 6.6% in Q4, selling 957,110 shares and now owns 13,496,574 shares (10.01% of the company) valued at about $496.27 million.
• Analyst sentiment is mixed-to-negative: CNX has an average rating of "Reduce" with an average price target of $35.67, based on 1 Buy, 7 Hold and 4 Sell ratings.
• Corporate insiders have recently sold sizable stakes (Maureen Lally‑Green sold 23,631 shares; Bernard Lanigan Jr. sold 46,119), while institutional investors hold roughly 95.16% of the stock and insiders own 5.03%.

Vanguard Group Inc. lessened its holdings in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 6.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 13,496,574 shares of the oil and gas producer's stock after selling 957,110 shares during the period. Vanguard Group Inc. owned 10.01% of CNX Resources worth $496,269,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Autumn Glory Partners LLC acquired a new position in CNX Resources during the 4th quarter worth about $221,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in CNX Resources by 7.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 44,784 shares of the oil and gas producer's stock valued at $1,647,000 after acquiring an additional 2,970 shares in the last quarter. GF Fund Management CO. LTD. raised its stake in shares of CNX Resources by 1.9% in the fourth quarter. GF Fund Management CO. LTD. now owns 40,002 shares of the oil and gas producer's stock worth $1,471,000 after acquiring an additional 744 shares during the last quarter. CWM LLC lifted its position in shares of CNX Resources by 28.1% during the fourth quarter. CWM LLC now owns 4,108 shares of the oil and gas producer's stock worth $151,000 after purchasing an additional 900 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC lifted its position in shares of CNX Resources by 2.5% during the fourth quarter. SeaBridge Investment Advisors LLC now owns 75,519 shares of the oil and gas producer's stock worth $2,777,000 after purchasing an additional 1,848 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CNX has been the subject of a number of research reports. Weiss Ratings raised shares of CNX Resources from a "hold (c)" rating to a "buy (b)" rating in a report on Wednesday, February 11th. Barclays increased their price objective on CNX Resources from $35.00 to $36.00 and gave the company an "underweight" rating in a research report on Monday, March 16th. Truist Financial initiated coverage on CNX Resources in a research note on Tuesday, March 24th. They issued a "sell" rating and a $35.00 target price for the company. Morgan Stanley restated an "underweight" rating on shares of CNX Resources in a research report on Friday, March 27th. Finally, Zacks Research lowered CNX Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, CNX Resources currently has an average rating of "Reduce" and an average price target of $35.67.

CNX Resources Trading Down 0.7%

Shares of NYSE CNX opened at $38.06 on Wednesday. CNX Resources Corporation. has a fifty-two week low of $27.72 and a fifty-two week high of $43.62. The firm has a market capitalization of $5.38 billion, a P/E ratio of 5.29, a P/E/G ratio of 0.41 and a beta of 0.64. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46. The company's 50 day simple moving average is $39.80 and its 200 day simple moving average is $37.97.

Insiders Place Their Bets

In other news, Director Maureen Lally-Green sold 23,631 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $39.52, for a total value of $933,897.12. Following the transaction, the director directly owned 169,577 shares in the company, valued at $6,701,683.04. This trade represents a 12.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bernard Lanigan, Jr. sold 46,119 shares of CNX Resources stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total value of $1,872,431.40. Following the sale, the director directly owned 177,180 shares of the company's stock, valued at approximately $7,193,508. This trade represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.03% of the company's stock.

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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