Woodline Partners LP Buys Shares of 1,962,676 CNX Resources Co. (NYSE:CNX)

Woodline Partners LP purchased a new stake in CNX Resources Co. (NYSE:CNX - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,962,676 shares of the oil and gas producer's stock, valued at approximately $71,971,000. Woodline Partners LP owned 1.31% of CNX Resources at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CNX. Bessemer Group Inc. increased its position in shares of CNX Resources by 131.5% in the fourth quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock valued at $34,000 after acquiring an additional 526 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in CNX Resources during the fourth quarter worth about $39,000. VSM Wealth Advisory LLC bought a new position in CNX Resources during the fourth quarter worth about $55,000. Principal Securities Inc. grew its holdings in CNX Resources by 38.5% during the fourth quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer's stock worth $91,000 after purchasing an additional 691 shares during the period. Finally, Blue Trust Inc. grew its holdings in CNX Resources by 65.1% during the fourth quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer's stock worth $119,000 after purchasing an additional 1,280 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Insider Activity

In other CNX Resources news, Director J. Palmer Clarkson bought 10,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was purchased at an average cost of $31.20 per share, with a total value of $312,000.00. Following the transaction, the director now directly owns 245,433 shares in the company, valued at $7,657,509.60. This trade represents a 4.25% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CNX shares. Morgan Stanley restated an "underweight" rating and set a $31.00 price objective on shares of CNX Resources in a report on Tuesday, April 15th. Raymond James upgraded CNX Resources from an "underperform" rating to a "market perform" rating in a report on Tuesday, February 18th. Wall Street Zen cut CNX Resources from a "hold" rating to a "sell" rating in a report on Thursday, February 13th. Scotiabank upgraded CNX Resources from a "sector underperform" rating to a "sector perform" rating and set a $33.00 price objective for the company in a report on Friday, April 11th. Finally, JPMorgan Chase & Co. boosted their price objective on CNX Resources from $32.00 to $33.00 and gave the stock an "underweight" rating in a report on Thursday, March 13th. Eight equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $31.58.

CNX Resources Stock Up 1.4%

NYSE:CNX traded up $0.44 during trading hours on Friday, hitting $31.65. 1,297,529 shares of the company traded hands, compared to its average volume of 2,662,468. CNX Resources Co. has a one year low of $23.63 and a one year high of $41.93. The company has a market cap of $4.58 billion, a PE ratio of -46.54, a PEG ratio of 0.42 and a beta of 0.62. The firm's 50-day simple moving average is $30.85 and its 200-day simple moving average is $32.52. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45.

About CNX Resources

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.