Blue Trust Inc. Reduces Holdings in CNX Resources Co. (NYSE:CNX)

Blue Trust Inc. reduced its holdings in shares of CNX Resources Co. (NYSE:CNX) by 35.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,265 shares of the oil and gas producer’s stock after selling 701 shares during the period. Blue Trust Inc.’s holdings in CNX Resources were worth $46,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in shares of CNX Resources by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after purchasing an additional 12,333 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in CNX Resources by 12.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after buying an additional 202,890 shares in the last quarter. Aureus Asset Management LLC raised its stake in shares of CNX Resources by 0.6% in the third quarter. Aureus Asset Management LLC now owns 642,289 shares of the oil and gas producer’s stock worth $20,919,000 after buying an additional 3,659 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of CNX Resources by 311.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after buying an additional 466,694 shares in the last quarter. Finally, Empirical Asset Management LLC bought a new position in shares of CNX Resources during the 4th quarter valued at approximately $9,281,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Trading Down 0.9 %

CNX stock opened at $29.99 on Thursday. The firm has a fifty day moving average price of $31.22 and a 200 day moving average price of $32.73. CNX Resources Co. has a fifty-two week low of $20.45 and a fifty-two week high of $41.93. The firm has a market cap of $4.46 billion, a PE ratio of -44.10, a price-to-earnings-growth ratio of 0.42 and a beta of 1.38. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33.

CNX Resources (NYSE:CNX) last released its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. Sell-side analysts anticipate that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the sale, the insider now owns 13,925,000 shares in the company, valued at approximately $432,928,250. This represents a 7.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Piper Sandler lowered their price target on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Wednesday, January 29th. Morgan Stanley began coverage on shares of CNX Resources in a report on Friday, January 10th. They issued an “underweight” rating and a $29.00 target price for the company. JPMorgan Chase & Co. cut CNX Resources from a “neutral” rating to an “underweight” rating and raised their price target for the company from $31.00 to $37.00 in a report on Thursday, December 5th. Mizuho lowered their price objective on CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 14th. Finally, Truist Financial increased their target price on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Nine analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $29.69.

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.