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Are Institutional Investors Buying CNX Resources Stock?


Jul. 31 2018, Updated 7:31 a.m. ET

13F filings statistics for CNX Resources

In Q1 2018, 140 funds bought CNX Resources (CNX), which means they either created new positions or added to existing positions in the stock. In the same quarter, 128 funds sold the stock and either closed their entire position or reduced existing positions of CNX stock. That means that total buying funds outnumbered selling funds by 12 during the second quarter. As of March 31, 283 funds that filed the 13F form held CNX in their portfolio. Out of these, nine funds had CNX in their top ten holdings.

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However, when looked at from the aggregate number of shares point of view, for Q1 2018, 13F filing funds decreased their aggregate CNX holdings by 3.83% or from ~218.59 million shares to ~210.22 million shares. In terms of the number of common shares outstanding, 13F filing funds decreased their CNX holdings from ~95% of common shares outstanding to ~94% of common shares outstanding.

As of March 31, CNX Resources had ~224 million common shares outstanding. For context, in Q1 2018, 13F filing funds decreased their aggregate holdings in other oil and gas production companies like Murphy Oil (MUR), Occidental Petroleum (OXY), Devon Energy (DVN), and Energen (EGN) by ~1.47%, ~2.60%, ~0.02%, and ~0.33%, respectively.

Form 13F is an SEC mandate that needs to be submitted by all funds who manage more than $100 million in assets. Form 13F is due 45 days after the end of each quarter. These funds have access to in-depth research and greater capital. Typically, when institutional investors buy a stock, there is a chance that the stock might do well.


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