Jennison Associates LLC Purchases New Holdings in CNX Resources Corporation. $CNX

Jennison Associates LLC acquired a new position in shares of CNX Resources Corporation. (NYSE:CNX) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 16,704 shares of the oil and gas producer’s stock, valued at approximately $644,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Dorsey Wright & Associates grew its holdings in shares of CNX Resources by 64.9% during the 1st quarter. Dorsey Wright & Associates now owns 246,573 shares of the oil and gas producer’s stock worth $9,505,000 after purchasing an additional 97,051 shares in the last quarter. Assetmark Inc. raised its stake in CNX Resources by 1.0% in the first quarter. Assetmark Inc. now owns 150,562 shares of the oil and gas producer’s stock valued at $5,804,000 after purchasing an additional 1,500 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new position in CNX Resources in the first quarter valued at about $1,776,000. State of Michigan Retirement System lifted its position in CNX Resources by 7.5% during the first quarter. State of Michigan Retirement System now owns 34,302 shares of the oil and gas producer’s stock worth $1,322,000 after purchasing an additional 2,400 shares during the period. Finally, Principal Financial Group Inc. lifted its position in CNX Resources by 98.4% during the first quarter. Principal Financial Group Inc. now owns 579,120 shares of the oil and gas producer’s stock worth $22,325,000 after purchasing an additional 287,240 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $34.43 on Friday. The firm has a market cap of $4.87 billion, a PE ratio of 4.78 and a beta of 0.59. The firm’s fifty day moving average is $33.76 and its 200-day moving average is $36.99. 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 52 week low of $27.72 and a 52 week high of $43.62.

Analyst Ratings Changes

A number of equities research analysts have issued reports 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 on the stock in a research note on Wednesday, July 15th. Weiss Ratings downgraded shares of CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, May 28th. Tudor Pickering raised shares of CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. Zacks Research lowered shares of CNX Resources from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Morgan Stanley decreased their price objective 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. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $35.44.

Insider Transactions at CNX Resources

In other CNX Resources 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 transaction, the director directly owned 426,585 shares of the company’s stock, valued at approximately $16,316,876.25. The trade was a 6.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.03% of the stock is currently owned by corporate insiders.

About CNX Resources

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.