Victory Capital Management Inc. Reduces Position in CNX Resources Co. (NYSE:CNX)

Victory Capital Management Inc. trimmed its position in shares of CNX Resources Co. (NYSE:CNX) by 2.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 95,309 shares of the oil and gas producer’s stock after selling 2,553 shares during the period. Victory Capital Management Inc. owned about 0.06% of CNX Resources worth $2,316,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pullen Investment Management LLC grew its stake in shares of CNX Resources by 2.3% during the second quarter. Pullen Investment Management LLC now owns 27,399 shares of the oil and gas producer’s stock valued at $666,000 after buying an additional 623 shares during the last quarter. GAMMA Investing LLC increased its stake in CNX Resources by 54.1% in the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after purchasing an additional 666 shares during the period. Riverwater Partners LLC lifted its position in shares of CNX Resources by 1.0% during the first quarter. Riverwater Partners LLC now owns 65,673 shares of the oil and gas producer’s stock worth $1,558,000 after purchasing an additional 676 shares during the last quarter. Congress Asset Management Co. MA boosted its stake in shares of CNX Resources by 0.4% during the fourth quarter. Congress Asset Management Co. MA now owns 265,558 shares of the oil and gas producer’s stock valued at $5,311,000 after purchasing an additional 945 shares during the period. Finally, US Bancorp DE grew its holdings in shares of CNX Resources by 3.9% in the first quarter. US Bancorp DE now owns 26,860 shares of the oil and gas producer’s stock worth $637,000 after purchasing an additional 999 shares during the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Trading Up 1.7 %

Shares of NYSE:CNX opened at $28.51 on Wednesday. The company has a market capitalization of $4.37 billion, a PE ratio of 5.16 and a beta of 1.37. The company has a current ratio of 0.41, a quick ratio of 0.40 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 $28.56. The business’s fifty day simple moving average is $26.41 and its 200-day simple moving average is $24.77.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.09. The company had revenue of $321.44 million for the quarter, compared to analyst estimates of $387.46 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same quarter in the previous year, the firm earned $0.29 earnings per share. As a group, equities research analysts predict that CNX Resources Co. will post 1.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of the stock in a transaction on Monday, September 9th. The stock was bought at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the purchase, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CNX. JPMorgan Chase & Co. lifted their price objective on shares of CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a report on Thursday, September 12th. Scotiabank boosted their price target on 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 downgraded CNX Resources from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $22.00 to $20.00 in a report on Thursday, August 15th. Stephens reaffirmed an “equal weight” rating and set a $27.00 target price on shares of CNX Resources in a research report on Monday, July 15th. Finally, Truist Financial increased their price target on CNX Resources from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $26.13.

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.