Entropy Technologies LP Invests $2.11 Million in CNX Resources Corporation. $CNX

Entropy Technologies LP acquired a new position in CNX Resources Corporation. (NYSE:CNX) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 57,499 shares of the oil and gas producer’s stock, valued at approximately $2,114,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CNX. Capital Research Global Investors raised its stake in shares of CNX Resources by 38.6% in the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock worth $126,874,000 after purchasing an additional 1,100,000 shares during the last quarter. Balyasny Asset Management L.P. raised its stake in shares of CNX Resources by 601.8% in the third quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock worth $35,507,000 after purchasing an additional 947,931 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of CNX Resources by 45.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock worth $74,327,000 after purchasing an additional 633,539 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of CNX Resources by 112.2% in the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock worth $33,932,000 after purchasing an additional 532,770 shares during the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of CNX Resources in the fourth quarter worth approximately $16,792,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on CNX shares. Zacks Research downgraded CNX Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 28th. Truist Financial initiated coverage on CNX Resources in a report on Tuesday, March 24th. They issued a “sell” rating and a $35.00 target price for the company. Morgan Stanley reaffirmed an “underweight” rating on shares of CNX Resources in a report on Friday, March 27th. Tudor Pickering raised CNX Resources from a “strong sell” rating to a “hold” rating in a report on Friday, May 8th. Finally, Weiss Ratings lowered CNX Resources from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Buy rating, eight have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, CNX Resources has an average rating of “Reduce” and a consensus price target of $35.44.

Insider Buying and Selling at CNX Resources

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 transaction of $1,101,600.00. Following the sale, the director owned 426,585 shares in the company, valued at $16,316,876.25. This represents a 6.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Maureen Lally-Green sold 23,631 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $39.52, for a total value of $933,897.12. Following the sale, the director owned 169,577 shares in the company, valued at approximately $6,701,683.04. This represents a 12.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.03% of the company’s stock.

CNX Resources Price Performance

Shares of NYSE CNX opened at $33.02 on Tuesday. The stock has a fifty day simple moving average of $36.45 and a two-hundred day simple moving average of $37.99. CNX Resources Corporation. has a 1-year low of $27.72 and a 1-year high of $43.62. The firm has a market cap of $4.67 billion, a price-to-earnings ratio of 4.59 and a beta of 0.58. The company has a current ratio of 0.49, a quick ratio of 0.46 and a debt-to-equity ratio of 0.47.

CNX Resources Company 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.