Balyasny Asset Management L.P. Trims Holdings in CNX Resources Co. (NYSE:CNX)

Balyasny Asset Management L.P. lessened its holdings in shares of CNX Resources Co. (NYSE:CNX) by 15.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,646 shares of the oil and gas producer’s stock after selling 5,411 shares during the period. Balyasny Asset Management L.P.’s holdings in CNX Resources were worth $1,124,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CNX. Empirical Asset Management LLC bought a new position in shares of CNX Resources in the 4th quarter worth approximately $9,281,000. Blue Trust Inc. raised its position in shares of CNX Resources by 65.1% in the 4th quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer’s stock worth $119,000 after acquiring an additional 1,280 shares in the last quarter. KBC Group NV raised its position in shares of CNX Resources by 41.0% in the 4th quarter. KBC Group NV now owns 6,216 shares of the oil and gas producer’s stock worth $228,000 after acquiring an additional 1,806 shares in the last quarter. Stonegate Investment Group LLC bought a new position in shares of CNX Resources in the 4th quarter worth approximately $232,000. Finally, Heck Capital Advisors LLC bought a new position in shares of CNX Resources in the 4th quarter worth approximately $121,000. Institutional investors own 95.16% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CNX. Morgan Stanley reissued an “underweight” rating and issued a $31.00 target price on shares of CNX Resources in a research report on Tuesday, April 15th. Stephens upgraded CNX Resources from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $35.00 to $48.00 in a research note on Tuesday, March 18th. JPMorgan Chase & Co. upped their price target on CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, March 13th. Raymond James upgraded CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th. Finally, StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research note on Thursday, February 13th. Eight research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, CNX Resources has an average rating of “Hold” and an average price target of $31.58.

CNX Resources Stock Performance

CNX stock opened at $32.58 on Wednesday. The stock has a market capitalization of $4.72 billion, a PE ratio of -47.91, a price-to-earnings-growth ratio of 0.42 and a beta of 0.62. CNX Resources Co. has a 12-month low of $23.52 and a 12-month high of $41.93. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. The stock’s 50 day simple moving average is $30.54 and its 200 day simple moving average is $32.67.

Insider Activity at CNX Resources

In other news, Director J. Palmer Clarkson purchased 10,000 shares of the stock in a transaction dated Monday, May 12th. The shares were purchased at an average cost of $31.20 per share, with a total value of $312,000.00. Following the acquisition, the director now directly owns 245,433 shares of the company’s stock, valued at $7,657,509.60. This 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 accessible through this link. 3.10% of the stock is currently owned by insiders.

CNX Resources Company 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.