Connor Clark & Lunn Investment Management Ltd. Boosts Stake in CNX Resources Co. (NYSE:CNX)

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of CNX Resources Co. (NYSE:CNX) by 311.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 616,734 shares of the oil and gas producer’s stock after buying an additional 466,694 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.41% of CNX Resources worth $20,087,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Mizuho Markets Americas LLC purchased a new position in shares of CNX Resources during the second quarter worth approximately $97,200,000. American Century Companies Inc. raised its stake in shares of CNX Resources by 12.0% during the second quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares during the last quarter. Renaissance Technologies LLC grew its position in CNX Resources by 197.0% in the 2nd 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. Levin Capital Strategies L.P. purchased a new position in CNX Resources during the 1st quarter worth $4,813,000. Finally, Federated Hermes Inc. lifted its stake in shares of 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 acquiring an additional 100,095 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

CNX Resources Stock Performance

Shares of CNX opened at $40.12 on Thursday. CNX Resources Co. has a 52-week low of $19.07 and a 52-week high of $40.17. The firm has a market capitalization of $5.99 billion, a PE ratio of 12.62, a P/E/G ratio of 1.85 and a beta of 1.37. The firm has a 50-day moving average price of $34.45 and a 200 day moving average price of $28.65. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping the consensus estimate of $0.32 by $0.09. The firm had revenue of $424.21 million for the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same quarter in the previous year, the company earned $0.35 earnings per share. On average, sell-side analysts anticipate that CNX Resources Co. will post 1.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Bernard Lanigan, Jr. acquired 75,000 shares of the stock in a transaction on Monday, September 9th. The shares were purchased at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the transaction, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 22.95 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CNX. JPMorgan Chase & Co. cut their target price on CNX Resources from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Capital One Financial downgraded CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price for the company. in a report on Monday, October 14th. BMO Capital Markets upped their price target on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. Stephens raised their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, October 25th. Finally, Mizuho boosted their price target on CNX Resources from $32.00 to $33.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Six equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $29.00.

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.