Massar Capital Management LP Invests $1.83 Million in CNX Resources Co. (NYSE:CNX)

Massar Capital Management LP bought a new stake in CNX Resources Co. (NYSE:CNX) in the fourth quarter, HoldingsChannel reports. The fund bought 49,938 shares of the oil and gas producer’s stock, valued at approximately $1,831,000. CNX Resources accounts for approximately 2.1% of Massar Capital Management LP’s investment portfolio, making the stock its 16th biggest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNX. Bessemer Group Inc. grew its holdings in shares of CNX Resources by 131.5% in the 4th quarter. Bessemer Group Inc. now owns 926 shares of the oil and gas producer’s stock valued at $34,000 after acquiring an additional 526 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in CNX Resources during the fourth quarter valued at approximately $39,000. VSM Wealth Advisory LLC bought a new position in CNX Resources in the fourth quarter valued at approximately $55,000. Principal Securities Inc. grew its stake in CNX Resources by 38.5% in the fourth 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 in the last quarter. Finally, Blue Trust Inc. increased 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 worth $119,000 after purchasing an additional 1,280 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Stock Performance

NYSE CNX opened at $30.04 on Tuesday. CNX Resources Co. has a 12-month low of $22.82 and a 12-month high of $41.93. The firm has a 50-day moving average price of $30.32 and a two-hundred day moving average price of $33.20. The company has a market capitalization of $4.42 billion, a P/E ratio of -44.18, a P/E/G 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 (NYSE:CNX) last posted its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 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%. Analysts anticipate that CNX Resources Co. will post 2.18 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CNX shares. TD Cowen assumed coverage on CNX Resources in a report on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price objective for the company. JPMorgan Chase & Co. increased their price target on shares of CNX Resources from $32.00 to $33.00 and gave the company an “underweight” rating in a research note on Thursday, March 13th. StockNews.com cut shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday, February 13th. Stephens raised CNX Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $35.00 to $48.00 in a research report on Tuesday, March 18th. Finally, Bank of America cut their price objective on CNX Resources from $32.00 to $27.00 and set an “underperform” rating for the company in a research report on Tuesday, April 1st. Eight analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $31.25.

CNX Resources 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.