Bessemer Group Inc. Increases Holdings in CNX Resources Co. (NYSE:CNX)

Bessemer Group Inc. raised its stake in CNX Resources Co. (NYSE:CNX) by 131.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 926 shares of the oil and gas producer’s stock after buying an additional 526 shares during the period. Bessemer Group Inc.’s holdings in CNX Resources were worth $34,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. World Investment Advisors LLC purchased a new stake in shares of CNX Resources in the third quarter valued at about $534,000. CWA Asset Management Group LLC purchased a new stake in shares of CNX Resources in the 4th quarter valued at approximately $241,000. Empirical Asset Management LLC acquired a new stake in shares of CNX Resources during the 4th quarter worth approximately $9,281,000. Blue Trust Inc. raised its position in shares of CNX Resources by 65.1% during the 4th quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer’s stock valued at $119,000 after buying an additional 1,280 shares during the period. Finally, KBC Group NV lifted its holdings in CNX Resources by 41.0% in the fourth quarter. KBC Group NV now owns 6,216 shares of the oil and gas producer’s stock valued at $228,000 after acquiring an additional 1,806 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Price Performance

CNX stock opened at $30.83 on Friday. CNX Resources Co. has a 1 year low of $22.82 and a 1 year high of $41.93. The firm has a market capitalization of $4.54 billion, a P/E ratio of -45.34, a P/E/G ratio of 0.42 and a beta of 1.33. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. The business’s 50-day moving average is $30.30 and its two-hundred day moving average is $33.25.

CNX Resources (NYSE:CNX) last issued its quarterly 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 negative net margin of 7.14% and a positive return on equity of 6.72%. Analysts anticipate that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CNX has been the subject of a number of research analyst reports. TD Cowen began coverage on CNX Resources in a report on Wednesday, January 15th. They set a “hold” rating and a $27.00 price target for the company. Raymond James raised shares of CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th. Bank of America reduced their price target on shares of CNX Resources from $32.00 to $27.00 and set an “underperform” rating on the stock in a research note on Tuesday, April 1st. Scotiabank raised shares of CNX Resources from a “sector underperform” rating to a “sector perform” rating and set a $33.00 price objective for the company in a research report on Friday, April 11th. Finally, Mizuho boosted their target price on CNX Resources from $34.00 to $35.00 and gave the company an “underperform” rating in a research report on Monday, April 7th. Eight research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $31.25.

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.