Jennison Associates LLC Makes New Investment in CNX Resources Corporation. $CNX

Jennison Associates LLC acquired a new stake in CNX Resources Corporation. (NYSE:CNX) during the first quarter, HoldingsChannel.com reports. The fund acquired 16,704 shares of the oil and gas producer’s stock, valued at approximately $644,000.

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

CNX Resources Price Performance

Shares of NYSE CNX opened at $34.43 on Friday. The stock has a market cap of $4.87 billion, a price-to-earnings ratio of 4.78 and a beta of 0.59. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.46 and a current ratio of 0.49. CNX Resources Corporation. has a fifty-two week low of $27.72 and a fifty-two week high of $43.62. The firm’s 50-day simple moving average is $33.76 and its 200 day simple moving average is $36.99.

Insider Activity at CNX Resources

In other news, Director William N. Thorndike, Jr. sold 28,800 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $38.25, for a total value of $1,101,600.00. Following the transaction, the director owned 426,585 shares in the company, valued at $16,316,876.25. This trade represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.03% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CNX shares. Zacks Research downgraded CNX Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. 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. Morgan Stanley dropped their target price on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a research report on Monday, June 29th. Mizuho cut their target price on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 27th. Finally, Truist Financial raised shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price target for the company in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has an average 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.