Bayforest Capital Ltd Raises Stake in CNX Resources Corporation. (NYSE:CNX)

Bayforest Capital Ltd increased its stake in CNX Resources Corporation. (NYSE:CNX) by 516.9% during the first quarter, according to its most recent filing with the SEC. The fund owned 23,899 shares of the oil and gas producer’s stock after buying an additional 20,025 shares during the quarter. Bayforest Capital Ltd’s holdings in CNX Resources were worth $752,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CNX. Allspring Global Investments Holdings LLC purchased a new stake in CNX Resources during the first quarter valued at about $718,000. Principal Financial Group Inc. lifted its holdings in CNX Resources by 1.6% during the first quarter. Principal Financial Group Inc. now owns 472,300 shares of the oil and gas producer’s stock valued at $14,868,000 after purchasing an additional 7,440 shares during the last quarter. Bridges Investment Management Inc. lifted its holdings in CNX Resources by 111.3% during the first quarter. Bridges Investment Management Inc. now owns 44,673 shares of the oil and gas producer’s stock valued at $1,406,000 after purchasing an additional 23,531 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in CNX Resources by 21.0% during the first quarter. Farther Finance Advisors LLC now owns 2,931 shares of the oil and gas producer’s stock valued at $93,000 after purchasing an additional 508 shares during the last quarter. Finally, KBC Group NV lifted its holdings in CNX Resources by 25.0% during the first quarter. KBC Group NV now owns 7,768 shares of the oil and gas producer’s stock valued at $245,000 after purchasing an additional 1,552 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Trading Down 0.9%

Shares of CNX opened at $30.33 on Wednesday. The business’s 50-day moving average price is $32.66 and its 200-day moving average price is $31.04. CNX Resources Corporation. has a twelve month low of $23.85 and a twelve month high of $41.93. The stock has a market cap of $4.39 billion, a PE ratio of 51.40, a P/E/G ratio of 0.30 and a beta of 0.66. The company has a quick ratio of 0.30, a current ratio of 0.33 and a debt-to-equity ratio of 0.56.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CNX shares. Scotiabank reaffirmed a “sector perform” rating and set a $35.00 price objective (up from $33.00) on shares of CNX Resources in a report on Friday, July 11th. Barclays started coverage on shares of CNX Resources in a report on Monday, July 7th. They set an “equal weight” rating and a $33.00 price objective on the stock. TD Cowen raised shares of CNX Resources to a “hold” rating in a report on Monday, July 7th. Piper Sandler upped their price objective on shares of CNX Resources from $21.00 to $25.00 and gave the company an “underweight” rating in a report on Tuesday, May 13th. Finally, Mizuho upped their price target on CNX Resources from $35.00 to $36.00 and gave the company an “underperform” rating in a research report on Tuesday, May 13th. Eight investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $31.85.

Insider Buying and Selling at CNX Resources

In related news, Director J. Palmer Clarkson acquired 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were bought at an average cost of $31.20 per share, for a total transaction of $312,000.00. Following the completion of the transaction, the director owned 245,433 shares in the company, valued at approximately $7,657,509.60. This trade represents a 4.25% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.59% of the company’s stock.

About CNX Resources

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.