Quantedge Capital Pte Ltd Makes New Investment in CNX Resources Co. (NYSE:CNX)

Quantedge Capital Pte Ltd purchased a new position in CNX Resources Co. (NYSE:CNX - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 70,200 shares of the oil and gas producer's stock, valued at approximately $2,574,000.

Several other institutional investors have also recently added to or reduced their stakes in CNX. Bessemer Group Inc. raised its position in shares of CNX Resources by 131.5% during the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock worth $34,000 after purchasing an additional 526 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in CNX Resources in the fourth quarter valued at $39,000. VSM Wealth Advisory LLC acquired a new position in shares of CNX Resources during the fourth quarter valued at $55,000. Principal Securities Inc. grew its position in shares of 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 acquiring an additional 691 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of CNX Resources by 65.1% in the 4th quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer's stock worth $119,000 after acquiring an additional 1,280 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CNX has been the topic of several recent research reports. Roth Capital set a $30.00 price objective on shares of CNX Resources in a research report on Thursday, January 23rd. Mizuho boosted their price objective on CNX Resources from $35.00 to $36.00 and gave the stock an "underperform" rating in a research report on Tuesday, May 13th. Piper Sandler raised their target price on CNX Resources from $21.00 to $25.00 and gave the company an "underweight" rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. lifted their target price on CNX Resources from $32.00 to $33.00 and gave the company an "underweight" rating in a research note on Thursday, March 13th. Finally, Scotiabank raised CNX Resources from a "sector underperform" rating to a "sector perform" rating and set a $33.00 price target for the company in a research note on Friday, April 11th. Eight investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $31.58.

Insider Activity

In other CNX Resources news, Director J. Palmer Clarkson bought 10,000 shares of the stock in a transaction on Monday, May 12th. The shares were purchased at an average cost of $31.20 per share, with a total value of $312,000.00. Following the completion of the transaction, the director now directly owns 245,433 shares of the company's stock, valued at $7,657,509.60. This represents a 4.25% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.10% of the stock is owned by insiders.

CNX Resources Stock Up 1.0%

Shares of CNX traded up $0.33 during mid-day trading on Tuesday, reaching $32.79. The company's stock had a trading volume of 413,859 shares, compared to its average volume of 2,981,484. The company has a market cap of $4.75 billion, a price-to-earnings ratio of -48.23, a price-to-earnings-growth ratio of 0.42 and a beta of 0.62. The business has a fifty day moving average of $30.76 and a 200 day moving average of $32.60. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. CNX Resources Co. has a 1 year low of $23.63 and a 1 year high of $41.93.

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.