Fifth Third Bancorp Purchases 58,049 Shares of CNX Resources Corporation. $CNX

Fifth Third Bancorp raised its holdings in shares of CNX Resources Corporation. (NYSE:CNX) by 3,764.5% during the first quarter, Holdings Channel reports. The fund owned 59,591 shares of the oil and gas producer’s stock after buying an additional 58,049 shares during the period. Fifth Third Bancorp’s holdings in CNX Resources were worth $2,297,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Smartleaf Asset Management LLC boosted its stake in shares of CNX Resources by 56.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock valued at $30,000 after purchasing an additional 293 shares in the last quarter. State of Wyoming bought a new stake in CNX Resources in the second quarter worth $29,000. Los Angeles Capital Management LLC purchased a new stake in CNX Resources during the fourth quarter valued at about $34,000. Kestra Advisory Services LLC purchased a new stake in CNX Resources during the fourth quarter valued at about $50,000. Finally, Highlander Partners L.P. bought a new position in shares of CNX Resources during the fourth quarter valued at about $56,000. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Stock Up 3.2%

Shares of NYSE:CNX opened at $33.72 on Wednesday. The firm has a market capitalization of $4.77 billion, a P/E ratio of 4.68 and a beta of 0.59. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.46 and a current ratio of 0.49. The stock has a 50 day moving average price of $33.81 and a 200-day moving average price of $37.02. CNX Resources Corporation. has a 52-week low of $27.72 and a 52-week high of $43.62.

Analysts Set New Price Targets

Several research analysts have recently commented on CNX shares. Barclays decreased their price objective on CNX Resources from $36.00 to $35.00 and set an “underweight” rating on the stock in a report on Tuesday, May 26th. Zacks Research cut CNX Resources from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 28th. Morgan Stanley decreased their price target on CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a research note on Monday, June 29th. Weiss Ratings downgraded CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, May 28th. Finally, Truist Financial raised CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price objective for the company in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $35.44.

Insiders Place Their Bets

In other CNX Resources news, Director William N. Thorndike, Jr. sold 28,800 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $38.25, for a total value of $1,101,600.00. Following the completion of the transaction, the director owned 426,585 shares in the company, valued at approximately $16,316,876.25. This represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.03% of the stock is currently owned by insiders.

CNX Resources Profile

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.