Edgestream Partners L.P. Trims Stake in CNX Resources Co. (NYSE:CNX)

Edgestream Partners L.P. decreased its stake in shares of CNX Resources Co. (NYSE:CNX) by 67.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 37,026 shares of the oil and gas producer’s stock after selling 76,394 shares during the period. Edgestream Partners L.P.’s holdings in CNX Resources were worth $900,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Renaissance Technologies LLC increased its position in CNX Resources by 197.0% during the 2nd quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock worth $11,324,000 after purchasing an additional 309,100 shares in the last quarter. Sierra Summit Advisors LLC raised its holdings in CNX Resources by 7.7% in the 2nd quarter. Sierra Summit Advisors LLC now owns 28,657 shares of the oil and gas producer’s stock valued at $696,000 after acquiring an additional 2,042 shares during the last quarter. Federated Hermes Inc. lifted its stake in shares of CNX Resources by 212.5% during the 2nd quarter. Federated Hermes Inc. now owns 147,197 shares of the oil and gas producer’s stock worth $3,577,000 after purchasing an additional 100,095 shares during the period. American Century Companies Inc. lifted its stake in shares of CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares during the period. Finally, Texas Permanent School Fund Corp boosted its holdings in shares of CNX Resources by 68.9% during the second quarter. Texas Permanent School Fund Corp now owns 224,416 shares of the oil and gas producer’s stock worth $5,453,000 after purchasing an additional 91,570 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of CNX Resources stock in a transaction that occurred on Monday, September 9th. The shares were purchased at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the transaction, the director now owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

CNX has been the subject of several analyst reports. JPMorgan Chase & Co. upped their target price on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Mizuho increased their price objective on shares of CNX Resources from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Scotiabank boosted their target price on shares of CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Piper Sandler lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $22.00 to $20.00 in a research report on Thursday, August 15th. Finally, StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, CNX Resources presently has a consensus rating of “Hold” and a consensus target price of $26.13.

CNX Resources Price Performance

CNX opened at $31.88 on Friday. CNX Resources Co. has a 52-week low of $19.07 and a 52-week high of $31.89. The company has a 50 day moving average of $26.75 and a two-hundred day moving average of $24.99. The company has a market cap of $4.89 billion, a P/E ratio of 5.78 and a beta of 1.37. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.09. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The firm had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same period in the prior year, the company earned $0.29 EPS. On average, analysts expect that CNX Resources Co. will post 1.47 earnings per share for the current year.

About CNX Resources

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.