Bank of New York Mellon Corp Reduces Holdings in CNX Resources Corporation. $CNX

Bank of New York Mellon Corp decreased its position in shares of CNX Resources Corporation. (NYSE:CNX) by 4.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,320,369 shares of the oil and gas producer’s stock after selling 66,312 shares during the period. Bank of New York Mellon Corp owned approximately 0.93% of CNX Resources worth $50,900,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in CNX Resources by 4.6% in the first 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 purchasing an additional 3,785 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of CNX Resources during the first quarter valued at approximately $583,000. EverSource Wealth Advisors LLC grew its stake in shares of 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 valued at $65,000 after buying an additional 1,535 shares during the last quarter. Marshall Wace LLP bought a new position in shares of CNX Resources during the second quarter valued at approximately $272,000. Finally, Cerity Partners LLC purchased a new stake in shares of CNX Resources in the second quarter worth approximately $236,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

CNX has been the subject of a number of research analyst reports. Barclays decreased their price target on CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a research note on Tuesday, May 26th. Tudor Pickering raised CNX Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Truist Financial upgraded CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 target price on the stock in a research note on Wednesday, July 15th. Morgan Stanley decreased their target price on CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a research report on Monday, June 29th. Finally, Weiss Ratings lowered shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $35.44.

Insiders Place Their Bets

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of the stock in a transaction on 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 sale, the director owned 426,585 shares of the company’s stock, valued at approximately $16,316,876.25. This trade represents a 6.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.03% of the stock is currently owned by corporate insiders.

CNX Resources Trading Down 0.6%

NYSE:CNX opened at $34.43 on Friday. CNX Resources Corporation. has a one year low of $27.72 and a one year high of $43.62. 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 cap of $4.87 billion, a P/E ratio of 4.78 and a beta of 0.59. The firm has a 50-day simple moving average of $33.76 and a 200-day simple moving average of $36.99.

CNX Resources Company 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.