Graham Capital Management L.P. Takes $289,000 Position in CNX Resources Co. (NYSE:CNX)

Graham Capital Management L.P. bought a new position in CNX Resources Co. (NYSE:CNX) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 7,890 shares of the oil and gas producer’s stock, valued at approximately $289,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CNX. Northern Trust Corp increased its holdings in CNX Resources by 20.5% during the 4th quarter. Northern Trust Corp now owns 2,421,387 shares of the oil and gas producer’s stock worth $88,792,000 after purchasing an additional 411,485 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of CNX Resources by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock valued at $73,357,000 after buying an additional 139,647 shares during the last quarter. Capital Research Global Investors grew its holdings in CNX Resources by 31.8% during the fourth quarter. Capital Research Global Investors now owns 1,450,000 shares of the oil and gas producer’s stock worth $53,172,000 after buying an additional 350,000 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in CNX Resources during the fourth quarter worth $37,923,000. Finally, Assetmark Inc. raised its position in CNX Resources by 2.2% in the 4th quarter. Assetmark Inc. now owns 885,429 shares of the oil and gas producer’s stock valued at $32,469,000 after buying an additional 19,309 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Roth Capital set a $30.00 target price on shares of CNX Resources in a research note on Thursday, January 23rd. Mizuho upped their price objective on shares of CNX Resources from $35.00 to $36.00 and gave the stock an “underperform” rating in a research report on Tuesday, May 13th. Stephens raised shares of CNX Resources from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $35.00 to $48.00 in a research report on Tuesday, March 18th. Scotiabank upgraded CNX Resources from a “sector underperform” rating to a “sector perform” rating and set a $33.00 target price on the stock in a research note on Friday, April 11th. Finally, Morgan Stanley reaffirmed an “underweight” rating and issued a $31.00 target price on shares of CNX Resources in a report on Tuesday, April 15th. Eight research analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $31.58.

CNX Resources Stock Performance

Shares of CNX opened at $33.01 on Friday. CNX Resources Co. has a 1 year low of $23.63 and a 1 year high of $41.93. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. The stock’s fifty day moving average price is $30.69 and its two-hundred day moving average price is $32.62. The firm has a market cap of $4.78 billion, a PE ratio of -48.54, a PEG ratio of 0.42 and a beta of 0.62.

Insider Buying and Selling

In other news, Director J. Palmer Clarkson acquired 10,000 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were acquired at an average cost of $31.20 per share, for a total transaction of $312,000.00. Following the purchase, the director now owns 245,433 shares of the company’s stock, valued at approximately $7,657,509.60. The trade was a 4.25% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.10% of the stock is currently owned by insiders.

CNX Resources Profile

CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers.