Bridges Investment Management Inc. Buys New Stake in CNX Resources Co. (NYSE:CNX)

Bridges Investment Management Inc. purchased a new position in CNX Resources Co. (NYSE:CNX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 37,713 shares of the oil and gas producer’s stock, valued at approximately $916,000.

A number of other large investors have also made changes to their positions in CNX. GAMMA Investing LLC grew its stake in CNX Resources by 54.1% during 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. Hexagon Capital Partners LLC grew its stake in shares of CNX Resources by 113.4% during the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 1,136 shares during the last quarter. Natixis acquired a new position in shares of CNX Resources during the first quarter valued at about $79,000. Innealta Capital LLC purchased a new position in shares of CNX Resources in the 2nd quarter valued at approximately $131,000. Finally, TFO Wealth Partners LLC boosted its stake in CNX Resources by 64,084.6% in the 4th quarter. TFO Wealth Partners LLC now owns 8,344 shares of the oil and gas producer’s stock worth $167,000 after purchasing an additional 8,331 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Stock Performance

NYSE CNX opened at $31.87 on Friday. The firm has a market capitalization of $4.88 billion, a P/E ratio of 5.73 and a beta of 1.37. The stock has a 50-day simple moving average of $26.63 and a two-hundred day simple moving average of $24.89. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41. CNX Resources Co. has a fifty-two week low of $19.07 and a fifty-two week high of $31.89.

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, beating the consensus estimate of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The company had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same period last year, the business earned $0.29 earnings per share. On average, equities analysts forecast that CNX Resources Co. will post 1.47 earnings per share for the current year.

Insider Activity at CNX Resources

In other news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the transaction, the director now owns 401,820 shares in the company, valued at $10,772,794.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on CNX shares. Truist Financial upped their price target on shares of CNX Resources from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Stephens reissued an “equal weight” rating and issued a $27.00 target price on shares of CNX Resources in a research report on Monday, July 15th. JPMorgan Chase & Co. lifted their price target on CNX Resources from $26.00 to $27.00 and gave the stock a “neutral” rating in a research report on Thursday, September 12th. Scotiabank increased their price objective on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Finally, Mizuho lifted their target price on CNX Resources from $30.00 to $32.00 and gave the stock a “neutral” rating in a report on Monday, September 16th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $26.13.

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.