Mercer Global Advisors Inc. ADV Increases Position in CNX Resources Co. (NYSE:CNX)

Mercer Global Advisors Inc. ADV grew its holdings in shares of CNX Resources Co. (NYSE:CNX) by 17.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 172,026 shares of the oil and gas producer’s stock after purchasing an additional 25,495 shares during the period. Mercer Global Advisors Inc. ADV owned approximately 0.11% of CNX Resources worth $4,180,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Renaissance Technologies LLC raised its stake in CNX Resources by 197.0% during the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after buying an additional 309,100 shares during the last quarter. Sierra Summit Advisors LLC raised its position in shares of CNX Resources by 7.7% in the 2nd quarter. Sierra Summit Advisors LLC now owns 28,657 shares of the oil and gas producer’s stock worth $696,000 after purchasing an additional 2,042 shares during the last quarter. Federated Hermes Inc. boosted its stake in CNX Resources by 212.5% in the 2nd quarter. Federated Hermes Inc. now owns 147,197 shares of the oil and gas producer’s stock worth $3,577,000 after purchasing an additional 100,095 shares in the last quarter. American Century Companies Inc. grew its position in CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock valued at $89,890,000 after purchasing an additional 397,729 shares during the last quarter. Finally, Texas Permanent School Fund Corp increased its stake in CNX Resources by 68.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 224,416 shares of the oil and gas producer’s stock valued at $5,453,000 after purchasing an additional 91,570 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $31.88 on Friday. CNX Resources Co. has a 12-month low of $19.07 and a 12-month high of $31.89. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 5.78 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. The firm has a 50 day moving average of $26.75 and a 200 day moving average of $24.99.

CNX Resources (NYSE:CNX) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, topping the consensus estimate of $0.27 by $0.09. The firm had revenue of $321.44 million during 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 period in the prior year, the business posted $0.29 EPS. On average, research analysts anticipate that CNX Resources Co. will post 1.47 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. StockNews.com cut shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Stephens restated an “equal weight” rating and issued a $27.00 price target on shares of CNX Resources in a research note on Monday, July 15th. Mizuho increased their price objective on CNX Resources from $30.00 to $32.00 and gave the company a “neutral” rating in a research report on Monday, September 16th. Truist Financial boosted their target price on CNX Resources from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, JPMorgan Chase & Co. raised their price target 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. Three 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 MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.13.

Insider Transactions at CNX Resources

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of CNX Resources stock in a transaction that occurred on Monday, September 9th. The stock was bought at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the acquisition, the director now owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.10% of the company’s stock.

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.