Retirement Systems of Alabama Lowers Stock Position in CNX Resources Corporation. (NYSE:CNX)

Retirement Systems of Alabama lessened its stake in CNX Resources Corporation. (NYSE:CNX) by 0.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 181,159 shares of the oil and gas producer’s stock after selling 342 shares during the quarter. Retirement Systems of Alabama’s holdings in CNX Resources were worth $5,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Bessemer Group Inc. raised its position in shares of CNX Resources by 131.5% in the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer’s stock worth $34,000 after purchasing an additional 526 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of CNX Resources in the 4th quarter worth about $39,000. VSM Wealth Advisory LLC purchased a new position in shares of CNX Resources in the 4th quarter worth about $55,000. Harbor Capital Advisors Inc. purchased a new position in shares of CNX Resources in the 1st quarter worth about $61,000. Finally, Sound Income Strategies LLC purchased a new position in shares of CNX Resources in the 1st quarter worth about $63,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Up 1.9%

CNX stock opened at $34.83 on Wednesday. The company has a market cap of $5.04 billion, a price-to-earnings ratio of -16.91, a P/E/G ratio of 0.32 and a beta of 0.66. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.25 and a current ratio of 0.27. The business’s 50-day moving average is $31.68 and its two-hundred day moving average is $31.49. CNX Resources Corporation. has a fifty-two week low of $23.71 and a fifty-two week high of $41.93.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Piper Sandler lifted their price target on CNX Resources from $21.00 to $25.00 and gave the stock an “underweight” rating in a research report on Tuesday, May 13th. Bank of America lowered their price target on CNX Resources from $32.00 to $27.00 and set an “underperform” rating for the company in a research report on Tuesday, April 1st. Morgan Stanley reaffirmed an “underweight” rating and issued a $31.00 price target on shares of CNX Resources in a research report on Tuesday, April 15th. Mizuho lifted their price target on CNX Resources from $35.00 to $36.00 and gave the stock an “underperform” rating in a research report on Tuesday, May 13th. Finally, JPMorgan Chase & Co. boosted their target price on CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research report on Thursday, March 13th. Eight research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $31.58.

Insider Transactions at CNX Resources

In related news, Director J. Palmer Clarkson bought 10,000 shares of the 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 now owns 245,433 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.