Principal Financial Group Inc. Raises Position in CNX Resources Corporation. $CNX

Principal Financial Group Inc. lifted its holdings in CNX Resources Corporation. (NYSE:CNX) by 98.4% in the first quarter, Holdings Channel reports. The firm owned 579,120 shares of the oil and gas producer’s stock after buying an additional 287,240 shares during the period. Principal Financial Group Inc.’s holdings in CNX Resources were worth $22,325,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in CNX Resources by 1.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,745,218 shares of the oil and gas producer’s stock valued at $321,570,000 after buying an additional 118,817 shares in the last quarter. Capital Research Global Investors boosted its holdings in CNX Resources by 20.6% in the fourth quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer’s stock worth $175,210,000 after acquiring an additional 815,039 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in CNX Resources by 45.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock worth $74,327,000 after acquiring an additional 633,539 shares in the last quarter. Morgan Stanley grew its stake in shares of CNX Resources by 2.0% during the fourth quarter. Morgan Stanley now owns 1,860,631 shares of the oil and gas producer’s stock worth $68,415,000 after acquiring an additional 35,932 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its stake in shares of CNX Resources by 16.7% during the second quarter. Adage Capital Partners GP L.L.C. now owns 1,400,000 shares of the oil and gas producer’s stock worth $47,152,000 after acquiring an additional 200,000 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at CNX Resources

In related 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.03% of the stock is owned by company insiders.

CNX Resources Stock Up 3.2%

CNX Resources stock opened at $33.72 on Wednesday. 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 business’s 50-day simple moving average is $33.81 and its two-hundred day simple moving average is $37.02. The company has a market cap of $4.77 billion, a PE ratio of 4.68 and a beta of 0.59. CNX Resources Corporation. has a fifty-two week low of $27.72 and a fifty-two week high of $43.62.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Zacks Research downgraded shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Tudor Pickering upgraded shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, May 8th. Weiss Ratings downgraded shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. Morgan Stanley cut their price target on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a research note on Monday, June 29th. Finally, Mizuho decreased their price target on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, May 27th. One 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. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $35.44.

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.