Choreo LLC Trims Stake in CNX Resources Co. (NYSE:CNX)

Choreo LLC trimmed its position in CNX Resources Co. (NYSE:CNX) by 54.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,998 shares of the oil and gas producer’s stock after selling 16,914 shares during the quarter. Choreo LLC’s holdings in CNX Resources were worth $519,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Brown Lisle Cummings Inc. bought a new stake in shares of CNX Resources in the fourth quarter valued at about $299,000. Longboard Asset Management LP purchased a new position in CNX Resources during the 4th quarter valued at about $212,000. Jennison Associates LLC bought a new stake in shares of CNX Resources in the 4th quarter valued at about $636,000. SeaBridge Investment Advisors LLC lifted its position in shares of CNX Resources by 0.8% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock worth $3,311,000 after purchasing an additional 759 shares during the period. Finally, Heck Capital Advisors LLC bought a new position in shares of CNX Resources during the fourth quarter valued at approximately $121,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Piper Sandler reduced their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Wednesday, January 29th. JPMorgan Chase & Co. lowered CNX Resources from a “neutral” rating to an “underweight” rating and boosted their price target for the stock from $31.00 to $37.00 in a research report on Thursday, December 5th. Truist Financial raised their price objective on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Bank of America assumed coverage on CNX Resources in a research note on Monday, October 28th. They issued an “underperform” rating and a $34.00 target price on the stock. Finally, Mizuho decreased their price target on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Tuesday, January 14th. Eight research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $29.67.

Insiders Place Their Bets

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

CNX Resources Stock Performance

Shares of CNX Resources stock opened at $29.85 on Wednesday. The firm has a market capitalization of $4.46 billion, a P/E ratio of -43.89, a PEG ratio of 0.39 and a beta of 1.38. CNX Resources Co. has a 52 week low of $19.07 and a 52 week high of $41.93. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. The company has a 50 day moving average price of $32.80 and a 200 day moving average price of $32.42.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 expect that CNX Resources Co. will post 2.36 EPS for the current 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.