Bridgewater Associates LP Makes New Investment in CNX Resources Co. (NYSE:CNX)

Bridgewater Associates LP purchased a new position in shares of CNX Resources Co. (NYSE:CNX - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 366,232 shares of the oil and gas producer's stock, valued at approximately $13,430,000. Bridgewater Associates LP owned approximately 0.25% of CNX Resources at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Bessemer Group Inc. grew its stake in CNX Resources by 131.5% during the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer's stock worth $34,000 after buying an additional 526 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of CNX Resources during the fourth quarter worth about $39,000. VSM Wealth Advisory LLC acquired a new position in shares of CNX Resources during the fourth quarter valued at about $55,000. Principal Securities Inc. raised its position in shares of CNX Resources by 38.5% in the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer's stock valued at $91,000 after purchasing an additional 691 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in 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 purchasing an additional 1,280 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company's stock.

CNX Resources Price Performance

Shares of CNX Resources stock traded down $0.05 during trading hours on Friday, reaching $30.83. 2,288,047 shares of the company's stock were exchanged, compared to its average volume of 2,675,440. The business has a fifty day moving average of $30.32 and a two-hundred day moving average of $33.24. The company has a market capitalization of $4.54 billion, a P/E ratio of -45.34, a price-to-earnings-growth ratio of 0.42 and a beta of 1.33. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. CNX Resources Co. has a 1 year low of $22.82 and a 1 year high of $41.93.

CNX Resources (NYSE:CNX - Get Free Report) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. As a group, research analysts predict that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CNX shares. Roth Capital set a $30.00 price target on shares of CNX Resources in a research note on Thursday, January 23rd. Bank of America reduced their target price on CNX Resources from $32.00 to $27.00 and set an "underperform" rating for the company in a research note on Tuesday, April 1st. Mizuho boosted their price target on CNX Resources from $34.00 to $35.00 and gave the company an "underperform" rating in a research note on Monday, April 7th. TD Cowen initiated coverage on CNX Resources in a research note on Wednesday, January 15th. They issued a "hold" rating and a $27.00 price objective for the company. Finally, Piper Sandler dropped their target price on CNX Resources from $23.00 to $22.00 and set an "underweight" rating on the stock in a research report on Wednesday, January 29th. Eight investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, CNX Resources has a consensus rating of "Hold" and an average target price of $31.25.

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.