Dorsey Wright & Associates Raises Stock Holdings in CNX Resources Corporation. $CNX

Dorsey Wright & Associates grew its holdings in shares of CNX Resources Corporation. (NYSE:CNX) by 64.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 246,573 shares of the oil and gas producer’s stock after purchasing an additional 97,051 shares during the quarter. CNX Resources makes up 1.2% of Dorsey Wright & Associates’ investment portfolio, making the stock its 26th largest holding. Dorsey Wright & Associates’ holdings in CNX Resources were worth $9,505,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CNX. Assetmark Inc. raised its holdings in shares of CNX Resources by 1.0% in the 1st quarter. Assetmark Inc. now owns 150,562 shares of the oil and gas producer’s stock worth $5,804,000 after purchasing an additional 1,500 shares during the period. Financiere des Professionnels Fonds d investissement inc. bought a new position in CNX Resources during the first quarter valued at $1,776,000. State of Michigan Retirement System grew its holdings in CNX Resources by 7.5% during the first quarter. State of Michigan Retirement System now owns 34,302 shares of the oil and gas producer’s stock valued at $1,322,000 after purchasing an additional 2,400 shares during the period. Principal Financial Group Inc. increased its position in CNX Resources by 98.4% in the first quarter. Principal Financial Group Inc. now owns 579,120 shares of the oil and gas producer’s stock worth $22,325,000 after buying an additional 287,240 shares during the last quarter. Finally, Pittenger & Anderson Inc. bought a new stake in shares of CNX Resources in the first quarter valued at $377,000. 95.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CNX has been the topic of a number of research reports. Mizuho lowered their price objective on CNX Resources from $44.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Barclays cut their target price on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a research report on Tuesday, May 26th. Morgan Stanley reduced their target price on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a research note on Monday, June 29th. Weiss Ratings lowered shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. Finally, Zacks Research cut shares of 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, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $35.44.

Insider Activity

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of CNX Resources stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $38.25, for a total transaction of $1,101,600.00. Following the completion of the sale, the director owned 426,585 shares of the company’s stock, valued at $16,316,876.25. The trade was a 6.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 5.03% of the company’s stock.

CNX Resources Price Performance

NYSE:CNX opened at $33.27 on Friday. CNX Resources Corporation. has a 52-week low of $27.72 and a 52-week high of $43.62. The stock has a fifty day moving average of $33.92 and a 200 day moving average of $37.07. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.46 and a current ratio of 0.49. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 4.62 and a beta of 0.59.

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.