State of Michigan Retirement System Lowers Stake in CNX Resources Co. (NYSE:CNX)

State of Michigan Retirement System lessened its stake in CNX Resources Co. (NYSE:CNXGet Rating) by 3.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,602 shares of the oil and gas producer’s stock after selling 1,800 shares during the period. State of Michigan Retirement System’s holdings in CNX Resources were worth $816,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CNX. Strs Ohio raised its stake in shares of CNX Resources by 1,355.6% during the first quarter. Strs Ohio now owns 13,100 shares of the oil and gas producer’s stock valued at $271,000 after acquiring an additional 12,200 shares in the last quarter. Riverwater Partners LLC raised its position in CNX Resources by 47.1% during the 1st quarter. Riverwater Partners LLC now owns 71,542 shares of the oil and gas producer’s stock valued at $1,482,000 after purchasing an additional 22,911 shares in the last quarter. Capital Management Corp VA lifted its holdings in shares of CNX Resources by 2.3% in the 1st quarter. Capital Management Corp VA now owns 360,422 shares of the oil and gas producer’s stock worth $7,468,000 after buying an additional 7,948 shares during the period. NBW Capital LLC grew its position in shares of CNX Resources by 0.4% during the 1st quarter. NBW Capital LLC now owns 197,281 shares of the oil and gas producer’s stock worth $4,088,000 after buying an additional 771 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of CNX Resources by 10.4% during the first quarter. Envestnet Asset Management Inc. now owns 211,132 shares of the oil and gas producer’s stock valued at $4,375,000 after buying an additional 19,939 shares during the period. 96.07% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on CNX shares. Stifel Nicolaus lowered their price objective on shares of CNX Resources to $31.00 in a research note on Thursday, July 28th. Bank of America lowered their price target on shares of CNX Resources from $25.00 to $23.00 and set an “underperform” rating for the company in a research report on Monday, September 19th. Piper Sandler reduced their price objective on shares of CNX Resources to $19.00 in a research note on Friday, November 4th. StockNews.com began coverage on CNX Resources in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Truist Financial reduced their price target on CNX Resources from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Friday, October 28th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Based on data from MarketBeat, CNX Resources currently has an average rating of “Hold” and an average target price of $21.71.

CNX Resources Price Performance

NYSE CNX opened at $18.13 on Tuesday. CNX Resources Co. has a 12-month low of $13.00 and a 12-month high of $24.21. The firm’s fifty day simple moving average is $17.09 and its two-hundred day simple moving average is $18.07. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $3.27 billion, a P/E ratio of -4.71, a P/E/G ratio of 0.36 and a beta of 1.28.

CNX Resources Profile

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CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane. It produces and sells pipeline quality natural gas primarily for gas wholesalers.

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Institutional Ownership by Quarter for CNX Resources (NYSE:CNX)

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