Vanguard Group Inc. Reduces Stake in CNX Resources Corporation. $CNX

Vanguard Group Inc. trimmed its position in CNX Resources Corporation. (NYSE:CNX) by 4.2% during the third quarter, HoldingsChannel reports. The institutional investor owned 14,453,684 shares of the oil and gas producer’s stock after selling 640,217 shares during the period. Vanguard Group Inc. owned about 0.11% of CNX Resources worth $464,252,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. State of New Jersey Common Pension Fund D boosted its position in shares of CNX Resources by 23.0% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 74,243 shares of the oil and gas producer’s stock valued at $2,385,000 after acquiring an additional 13,896 shares during the last quarter. Eubel Brady & Suttman Asset Management Inc. raised its stake in CNX Resources by 3.4% in the third quarter. Eubel Brady & Suttman Asset Management Inc. now owns 410,579 shares of the oil and gas producer’s stock valued at $13,188,000 after purchasing an additional 13,574 shares in the last quarter. Gallacher Capital Management LLC bought a new stake in CNX Resources during the third quarter valued at approximately $314,000. Hantz Financial Services Inc. grew its stake in CNX Resources by 462.7% in the 3rd quarter. Hantz Financial Services Inc. now owns 2,954 shares of the oil and gas producer’s stock worth $95,000 after buying an additional 2,429 shares in the last quarter. Finally, Bridges Investment Management Inc. grew its stake in CNX Resources by 6.4% in the 3rd quarter. Bridges Investment Management Inc. now owns 54,862 shares of the oil and gas producer’s stock worth $1,762,000 after buying an additional 3,310 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Stock Up 3.2%

Shares of NYSE CNX opened at $38.76 on Thursday. The firm’s fifty day moving average is $37.65 and its 200 day moving average is $34.81. CNX Resources Corporation. has a 52 week low of $27.68 and a 52 week high of $42.13. The company has a quick ratio of 0.41, a current ratio of 0.44 and a debt-to-equity ratio of 0.52. The company has a market cap of $5.52 billion, a price-to-earnings ratio of 10.53, a PEG ratio of 0.39 and a beta of 0.66.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, January 29th. The oil and gas producer reported $1.28 EPS for the quarter, beating the consensus estimate of $0.34 by $0.94. The firm had revenue of $610.48 million during the quarter, compared to the consensus estimate of $422.65 million. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. The company’s quarterly revenue was up 347.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.97) earnings per share. On average, equities research analysts expect that CNX Resources Corporation. will post 2.18 earnings per share for the current year.

Analysts Set New Price Targets

CNX has been the subject of a number of research analyst reports. Piper Sandler set a $26.00 price objective on shares of CNX Resources in a report on Monday, February 2nd. Weiss Ratings raised CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, February 11th. Morgan Stanley increased their price objective on CNX Resources from $31.00 to $32.00 and gave the company an “underweight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. raised CNX Resources from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $36.00 to $38.00 in a report on Monday, December 8th. Finally, Scotiabank reaffirmed a “sector perform” rating and issued a $44.00 target price on shares of CNX Resources in a research note on Wednesday, January 21st. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat, CNX Resources currently has an average rating of “Reduce” and an average target price of $36.00.

Insiders Place Their Bets

In other news, Director Bernard Lanigan, Jr. sold 46,119 shares of CNX Resources stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total value of $1,872,431.40. Following the sale, the director directly owned 177,180 shares in the company, valued at approximately $7,193,508. This trade represents a 20.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.10% of the company’s stock.

About CNX Resources

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.