CNX Resources Corporation. $CNX Stock Position Reduced by Rafferty Asset Management LLC

Rafferty Asset Management LLC trimmed its position in CNX Resources Corporation. (NYSE:CNX) by 12.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 151,500 shares of the oil and gas producer’s stock after selling 21,960 shares during the quarter. Rafferty Asset Management LLC’s holdings in CNX Resources were worth $4,866,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in CNX Resources by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer’s stock worth $2,735,000 after purchasing an additional 3,785 shares during the period. Acadian Asset Management LLC bought a new position in shares of CNX Resources in the 1st quarter worth about $583,000. Savant Capital LLC boosted its holdings in shares of CNX Resources by 25.6% in the 2nd quarter. Savant Capital LLC now owns 13,923 shares of the oil and gas producer’s stock valued at $469,000 after buying an additional 2,834 shares during the period. Fox Run Management L.L.C. grew its position in shares of CNX Resources by 26.0% during the 2nd quarter. Fox Run Management L.L.C. now owns 20,567 shares of the oil and gas producer’s stock valued at $693,000 after buying an additional 4,250 shares during the last quarter. Finally, Allworth Financial LP raised its stake in CNX Resources by 1,491.5% during the second quarter. Allworth Financial LP now owns 5,618 shares of the oil and gas producer’s stock worth $189,000 after acquiring an additional 5,265 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Bernard Lanigan, Jr. sold 46,119 shares of the firm’s stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the transaction, the director owned 177,180 shares in the company, valued at $7,193,508. This trade represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.59% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CNX has been the topic of a number of research reports. Weiss Ratings upgraded CNX Resources from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, February 11th. Scotiabank reaffirmed a “sector perform” rating and issued a $44.00 target price on shares of CNX Resources in a research report on Wednesday, January 21st. Barclays boosted their price target on shares of CNX Resources from $34.00 to $35.00 and gave the company an “underweight” rating in a report on Friday, January 30th. Piper Sandler set a $26.00 price target on shares of CNX Resources in a research report on Monday, February 2nd. Finally, JPMorgan Chase & Co. upgraded shares of CNX Resources from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $36.00 to $38.00 in a research report on Monday, December 8th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, CNX Resources currently has a consensus rating of “Reduce” and an average price target of $36.00.

CNX Resources Price Performance

Shares of CNX opened at $41.88 on Wednesday. CNX Resources Corporation. has a one year low of $27.68 and a one year high of $43.12. The stock’s fifty day moving average is $37.96 and its 200-day moving average is $35.20. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.41 and a current ratio of 0.44. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of 11.38, a price-to-earnings-growth ratio of 0.43 and a beta of 0.66.

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

CNX Resources Company Profile

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.