Great Lakes Advisors LLC Invests $3.07 Million in CNX Resources Corporation. $CNX

Great Lakes Advisors LLC bought a new stake in CNX Resources Corporation. (NYSE:CNX) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 90,478 shares of the oil and gas producer’s stock, valued at approximately $3,070,000.

A number of other institutional investors have also made changes to their positions in the business. Northwestern Mutual Wealth Management Co. raised its stake in shares of CNX Resources by 3,227.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 90,603 shares of the oil and gas producer’s stock worth $3,331,000 after acquiring an additional 87,880 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of CNX Resources by 98.4% during the first quarter. Principal Financial Group Inc. now owns 579,120 shares of the oil and gas producer’s stock worth $22,325,000 after purchasing an additional 287,240 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of CNX Resources by 6,057.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock valued at $147,988,000 after purchasing an additional 3,776,511 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of CNX Resources by 81.9% in the first quarter. First Trust Advisors LP now owns 965,371 shares of the oil and gas producer’s stock valued at $37,215,000 after purchasing an additional 434,620 shares in the last quarter. Finally, Dorsey Wright & Associates acquired a new stake in shares of CNX Resources in the fourth quarter valued at approximately $5,498,000. 95.16% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CNX. Tudor Pickering upgraded CNX Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Mizuho dropped their target price on CNX Resources from $44.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th. Morgan Stanley cut their price target on CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a research note on Monday, June 29th. Truist Financial upgraded CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price target on the stock in a report on Wednesday, July 15th. Finally, Weiss Ratings cut CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Nine investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $35.44.

CNX Resources Trading Up 1.4%

NYSE CNX opened at $36.33 on Friday. The stock has a 50-day simple moving average of $34.08 and a 200 day simple moving average of $36.82. The company has a market capitalization of $5.37 billion, a PE ratio of 6.07 and a beta of 0.60. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. CNX Resources Corporation. has a 12 month low of $28.20 and a 12 month high of $43.62.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.72. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.The firm had revenue of $618.48 million for the quarter, compared to analysts’ expectations of $475.16 million. During the same quarter last year, the business earned $2.43 earnings per share. The company’s revenue was down 35.7% compared to the same quarter last year. Research analysts forecast that CNX Resources Corporation. will post 3.07 EPS for the current year.

CNX Resources 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.