Truist Financial Corp Sells 5,569 Shares of CNX Resources Co. (NYSE:CNX)

Truist Financial Corp trimmed its position in CNX Resources Co. (NYSE:CNX) by 47.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,120 shares of the oil and gas producer’s stock after selling 5,569 shares during the quarter. Truist Financial Corp’s holdings in CNX Resources were worth $224,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of CNX. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of CNX Resources by 311.0% in 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 purchasing an additional 466,694 shares during the period. Empirical Asset Management LLC bought a new stake in shares of CNX Resources in the 4th quarter valued at about $9,281,000. Charles Schwab Investment Management Inc. raised its holdings in shares of CNX Resources by 12.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after purchasing an additional 202,890 shares during the period. Empowered Funds LLC raised its holdings in shares of CNX Resources by 328.0% in the 4th quarter. Empowered Funds LLC now owns 211,719 shares of the oil and gas producer’s stock valued at $7,764,000 after purchasing an additional 162,247 shares during the period. Finally, Entropy Technologies LP raised its holdings in shares of CNX Resources by 493.9% in the 4th quarter. Entropy Technologies LP now owns 94,657 shares of the oil and gas producer’s stock valued at $3,471,000 after purchasing an additional 78,719 shares during the period. 95.16% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CNX. 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 price target on the stock. TD Cowen began coverage on shares of CNX Resources in a report on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price target on the stock. Roth Capital set a $30.00 price target on shares of CNX Resources in a report on Thursday, January 23rd. Mizuho lowered their price target on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Tuesday, January 14th. Finally, Raymond James raised shares of CNX Resources from an “underperform” rating to a “market perform” rating in a report on Tuesday, February 18th. Nine equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $29.69.

Insider Activity at CNX Resources

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.10% of the stock is owned by insiders.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $28.83 on Friday. The company has a market cap of $4.29 billion, a price-to-earnings ratio of -42.39, a PEG ratio of 0.42 and a beta of 1.38. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. The firm has a 50 day simple moving average of $30.51 and a 200 day simple moving average of $32.82. CNX Resources Co. has a one year low of $21.00 and a one year high of $41.93.

CNX Resources (NYSE:CNX) last issued 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%. Research analysts predict that CNX Resources Co. will post 2.18 earnings per share for the current fiscal 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.