PNC Financial Services Group Inc. Reduces Holdings in CNX Resources Co. (NYSE:CNX)

Posted by on Jun 3rd, 2023

PNC Financial Services Group Inc. decreased its position in shares of CNX Resources Co. (NYSE:CNX – Get Rating) by 13.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 34,066 shares of the oil and gas producer’s stock after selling 5,316 shares during the quarter. PNC Financial Services Group Inc.’s holdings in CNX Resources were worth $574,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. State Street Corp grew its holdings in shares of CNX Resources by 15.6% during the first quarter. State Street Corp now owns 13,033,827 shares of the oil and gas producer’s stock worth $270,061,000 after buying an additional 1,760,214 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of CNX Resources by 10.5% during the third quarter. Vanguard Group Inc. now owns 18,448,774 shares of the oil and gas producer’s stock worth $286,510,000 after buying an additional 1,758,826 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of CNX Resources by 2,477.3% during the first quarter. Renaissance Technologies LLC now owns 1,513,616 shares of the oil and gas producer’s stock worth $31,362,000 after buying an additional 1,454,887 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of CNX Resources during the third quarter worth about $20,068,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of CNX Resources by 70.9% during the second quarter. Goldman Sachs Group Inc. now owns 1,794,301 shares of the oil and gas producer’s stock worth $29,534,000 after buying an additional 744,682 shares during the last quarter. Hedge funds and other institutional investors own 93.66% of the company’s stock.

CNX Resources Price Performance

CNX stock opened at $16.14 on Friday. The firm has a 50 day moving average of $15.76 and a 200-day moving average of $16.13. CNX Resources Co. has a 12-month low of $14.36 and a 12-month high of $24.21. The company has a current ratio of 0.50, a quick ratio of 0.46 and a debt-to-equity ratio of 0.62. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 2.25, a PEG ratio of 1.42 and a beta of 1.31.

Insider Activity

In other CNX Resources news, Director Bernard Lanigan, Jr. acquired 137,835 shares of the company’s stock in a transaction dated Tuesday, May 30th. The stock was acquired at an average cost of $15.24 per share, with a total value of $2,100,605.40. Following the purchase, the director now directly owns 137,835 shares in the company, valued at approximately $2,100,605.40. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CNX. Stephens began coverage on CNX Resources in a report on Monday, April 24th. They set an “equal weight” rating and a $17.00 price target on the stock. Piper Sandler reduced their price objective on shares of CNX Resources from $17.00 to $16.00 in a research report on Thursday, May 18th. Mizuho raised their price objective on shares of CNX Resources from $16.00 to $17.00 in a research report on Friday, May 19th. StockNews.com initiated coverage on shares of CNX Resources in a research report on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Truist Financial raised their price objective on shares of CNX Resources from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Tuesday, April 11th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.50.

CNX Resources Company Profile

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CNX Resources Corp. engages in the exploration, development, production, and acquisition of natural gas properties in the Appalachian Basin. It operates through the following segments: Shale, Coalbed Methane, and Other Gas. The Shale segment refers to primary reserves, production, and capital investments.

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

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