Trust Point Inc. reduced its holdings in CNX Resources Co. (NYSE:CNX – Free Report) by 32.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,675 shares of the oil and gas producer’s stock after selling 11,556 shares during the period. Trust Point Inc.’s holdings in CNX Resources were worth $868,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of CNX Resources by 135.4% in the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after purchasing an additional 1,131 shares in the last quarter. CWM LLC lifted its position in CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after buying an additional 935 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of CNX Resources by 62.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after buying an additional 1,177 shares during the period. Heck Capital Advisors LLC purchased a new position in shares of CNX Resources during the 4th quarter valued at $121,000. Finally, Atomi Financial Group Inc. acquired a new position in shares of CNX Resources in the third quarter worth $202,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
CNX has been the topic of a number of recent research reports. Bank of America started coverage on CNX Resources in a research note on Monday, October 28th. They issued an “underperform” rating and a $34.00 target price on the stock. TD Cowen assumed coverage on CNX Resources in a research note on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price target for the company. Piper Sandler cut their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 29th. Stephens boosted their target price on shares of CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Finally, StockNews.com upgraded shares of CNX Resources from a “sell” rating to a “hold” rating in a report on Monday. Eight research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, CNX Resources has a consensus rating of “Reduce” and an average target price of $29.67.
CNX Resources Stock Up 3.1 %
CNX Resources stock opened at $28.46 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. CNX Resources Co. has a fifty-two week low of $19.07 and a fifty-two week high of $41.93. The firm has a fifty day moving average price of $33.85 and a two-hundred day moving average price of $32.27. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of -41.84, a P/E/G ratio of 0.36 and a beta of 1.38.
CNX Resources (NYSE:CNX – Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping the consensus estimate 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, analysts forecast that CNX Resources Co. will post 2.36 earnings per share for the current year.
Insider Activity
In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares in the company, valued at $432,928,250. This represents a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.65% of the stock is owned by company insiders.
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.
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