Fifth Third Bancorp Buys 58,049 Shares of CNX Resources Corporation. $CNX

Fifth Third Bancorp boosted its position in CNX Resources Corporation. (NYSE:CNX) by 3,764.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 59,591 shares of the oil and gas producer’s stock after buying an additional 58,049 shares during the quarter. Fifth Third Bancorp’s holdings in CNX Resources were worth $2,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of CNX Resources by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock worth $2,735,000 after acquiring an additional 3,785 shares during the period. Acadian Asset Management LLC bought a new position in CNX Resources during the first quarter worth about $583,000. EverSource Wealth Advisors LLC boosted its position in CNX Resources by 393.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer’s stock worth $65,000 after purchasing an additional 1,535 shares during the period. Marshall Wace LLP purchased a new stake in shares of CNX Resources during the 2nd quarter valued at approximately $272,000. Finally, Cerity Partners LLC purchased a new stake in shares of CNX Resources during the 2nd quarter valued at approximately $236,000. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Trading Up 3.2%

Shares of CNX Resources stock opened at $33.72 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.49 and a quick ratio of 0.46. CNX Resources Corporation. has a 1 year low of $27.72 and a 1 year high of $43.62. The firm has a market cap of $4.77 billion, a PE ratio of 4.68 and a beta of 0.59. The company has a 50 day simple moving average of $33.81 and a two-hundred day simple moving average of $37.02.

Insider Activity

In related news, Director William N. Thorndike, Jr. sold 28,800 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $38.25, for a total value of $1,101,600.00. Following the completion of the transaction, the director directly owned 426,585 shares in the company, valued at approximately $16,316,876.25. The trade was a 6.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CNX shares. Truist Financial upgraded shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price objective for the company in a research note on Wednesday, July 15th. Zacks Research lowered CNX Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Barclays decreased their price objective on CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 26th. Morgan Stanley dropped their price objective on CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a report on Monday, June 29th. Finally, Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, CNX Resources has a consensus rating of “Reduce” and a consensus price target of $35.44.

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.