By otakuyassine3@gmail.com 
Prudential Financial Inc. lowered its holdings in CNX Resources Co. (NYSE:CNX – Free Report) by 36.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,229 shares of the oil and gas producer’s stock after selling 71,296 shares during the quarter. Prudential Financial Inc. owned 0.08% of CNX Resources worth $4,482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently modified their holdings of CNX. Congress Asset Management Co. raised its holdings in shares of CNX Resources by 7.2% during the fourth quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer’s stock valued at $9,771,000 after purchasing an additional 17,951 shares during the last quarter. World Investment Advisors LLC purchased a new stake in shares of CNX Resources during the 3rd quarter valued at about $534,000. Convergence Investment Partners LLC bought a new position in shares of CNX Resources in the 4th quarter worth approximately $1,556,000. Charles Schwab Investment Management Inc. grew its position in CNX Resources by 7.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock valued at $73,357,000 after buying an additional 139,647 shares during the period. Finally, Wakefield Asset Management LLLP purchased a new stake in CNX Resources during the fourth quarter valued at approximately $1,047,000. 95.16% of the stock is owned by institutional investors.
Insider Activity
In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources 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 directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.10% of the company’s stock.
CNX Resources Stock Performance
Shares of NYSE:CNX opened at $31.50 on Tuesday. The firm has a fifty day simple moving average of $29.87 and a two-hundred day simple moving average of $33.33. CNX Resources Co. has a 52 week low of $22.82 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 stock has a market capitalization of $4.64 billion, a P/E ratio of -46.32, a PEG ratio of 0.42 and a beta of 1.26.
CNX Resources (NYSE:CNX – Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. On average, analysts expect that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on CNX shares. JPMorgan Chase & Co. upped their price objective on CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research note on Thursday, March 13th. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday, February 13th. Raymond James raised CNX Resources from an “underperform” rating to a “market perform” rating in a report on Tuesday, February 18th. TD Cowen initiated coverage on CNX Resources in a research note on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price objective for the company. Finally, Roth Capital set a $30.00 target price on CNX Resources in a research note on Thursday, January 23rd. Nine research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, CNX Resources currently has an average rating of “Hold” and an average target price of $30.69.
Check Out Our Latest Report on CNX
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.
Further Reading
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