Victory Capital Management Inc. Acquires 61,438 Shares of CNX Resources Corporation. (NYSE:CNX)

Key Points

• Victory Capital Management Inc. increased its stake in CNX Resources Corporation by 75.6%, now holding 142,658 shares valued at approximately $4.49 million.
• Insider trading saw Director J. Palmer Clarkson purchase 10,000 shares at $31.20 each, raising his ownership by 4.25% and totaling nearly $7.66 million.
• Research analysts have mixed opinions on CNX Resources, with a consensus rating of "Hold" and target prices ranging from $21.00 to $32.00.

Victory Capital Management Inc. boosted its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 75.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 142,658 shares of the oil and gas producer's stock after buying an additional 61,438 shares during the quarter. Victory Capital Management Inc. owned approximately 0.10% of CNX Resources worth $4,491,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CNX. Pictet Asset Management Holding SA grew its position in CNX Resources by 9.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 20,786 shares of the oil and gas producer's stock valued at $762,000 after buying an additional 1,873 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of CNX Resources in the 4th quarter worth $37,923,000. Alliancebernstein L.P. boosted its holdings in shares of CNX Resources by 1.6% in the 4th quarter. Alliancebernstein L.P. now owns 304,517 shares of the oil and gas producer's stock worth $11,167,000 after purchasing an additional 4,859 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in shares of CNX Resources during the 4th quarter valued at about $8,072,000. Finally, Resona Asset Management Co. Ltd. purchased a new position in shares of CNX Resources during the 4th quarter valued at about $489,000. Institutional investors own 95.16% of the company's stock.

Insider Transactions at CNX Resources

In other CNX Resources news, Director J. Palmer Clarkson bought 10,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were purchased at an average price of $31.20 per share, for a total transaction of $312,000.00. Following the acquisition, the director owned 245,433 shares in the company, valued at approximately $7,657,509.60. This represents a 4.25% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 4.59% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Morgan Stanley reissued an "underweight" rating and set a $31.00 price target on shares of CNX Resources in a research note on Tuesday, April 15th. Barclays assumed coverage on shares of CNX Resources in a research note on Monday, July 7th. They set an "equal weight" rating and a $33.00 price target on the stock. Cowen reissued a "hold" rating on shares of CNX Resources in a research note on Friday, April 25th. Scotiabank reissued 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. Finally, Piper Sandler lifted their price target on shares of CNX Resources from $21.00 to $25.00 and gave the stock an "underweight" rating in a research note on Tuesday, May 13th. Eight investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, CNX Resources currently has a consensus rating of "Hold" and a consensus price target of $31.85.

CNX Resources Trading Down 0.9%

CNX Resources stock traded down $0.29 during mid-day trading on Tuesday, reaching $30.31. 1,269,452 shares of the company traded hands, compared to its average volume of 2,716,834. The company has a debt-to-equity ratio of 0.56, a current ratio of 0.33 and a quick ratio of 0.30. The firm's 50 day moving average price is $32.70 and its 200 day moving average price is $31.05. The firm has a market capitalization of $4.39 billion, a price-to-earnings ratio of 51.33, a P/E/G ratio of 0.31 and a beta of 0.66. CNX Resources Corporation. has a 52-week low of $23.85 and a 52-week 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.