The Manufacturers Life Insurance Company Sells 4,427 Shares of CNX Resources Co. (NYSE:CNX)

The Manufacturers Life Insurance Company lowered its position in shares of CNX Resources Co. (NYSE:CNX) by 2.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 176,647 shares of the oil and gas producer’s stock after selling 4,427 shares during the period. The Manufacturers Life Insurance Company owned about 0.12% of CNX Resources worth $5,753,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in CNX Resources by 54.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 666 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after acquiring an additional 1,131 shares during the last quarter. CWM LLC boosted its stake in shares of CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of CNX Resources in the 2nd quarter valued at $131,000. Finally, Atomi Financial Group Inc. purchased a new position in CNX Resources in the 3rd quarter worth $202,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Stock Down 0.1 %

Shares of CNX Resources stock opened at $38.20 on Friday. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. CNX Resources Co. has a 12-month low of $19.07 and a 12-month high of $41.93. The company has a market cap of $5.70 billion, a P/E ratio of 12.03, a PEG ratio of 1.93 and a beta of 1.43. The company’s fifty day simple moving average is $36.57 and its two-hundred day simple moving average is $29.78.

CNX Resources (NYSE:CNX) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.09. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. The company had revenue of $424.21 million for the quarter, compared to analysts’ expectations of $398.33 million. During the same quarter in the previous year, the company earned $0.35 earnings per share. Research analysts anticipate that CNX Resources Co. will post 1.53 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on CNX shares. Truist Financial lowered shares of CNX Resources from a “buy” rating to a “hold” rating and cut their price target for the company from $38.00 to $34.00 in a research report on Monday, October 28th. Tudor, Pickering, Holt & Co. cut CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and boosted their price objective for the company from $31.00 to $37.00 in a research report on Thursday. Capital One Financial cut shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price on the stock. in a report on Monday, October 14th. Finally, BMO Capital Markets upped their price target on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Seven equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $29.60.

Insiders Place Their Bets

In other news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the stock in a transaction on Monday, September 9th. The stock was acquired at an average price of $26.81 per share, with a total value of $2,010,750.00. Following the completion of the transaction, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This represents a 22.95 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.10% of the company’s stock.

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.