Longboard Asset Management LP Acquires New Shares in CNX Resources Co. (NYSE:CNX)

Longboard Asset Management LP acquired a new position in CNX Resources Co. (NYSE:CNX) during the 4th quarter, according to its most recent filing with the SEC. The fund acquired 5,794 shares of the oil and gas producer’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Sequoia Financial Advisors LLC grew its holdings in CNX Resources by 3.5% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock valued at $428,000 after buying an additional 442 shares during the last quarter. SeaBridge Investment Advisors LLC lifted its stake in shares of CNX Resources by 0.8% during 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. CWM LLC boosted its stake in CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after buying an additional 935 shares during the last quarter. Blue Trust Inc. grew its holdings in CNX Resources by 135.4% in the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock valued at $64,000 after buying an additional 1,131 shares during the period. Finally, GAMMA Investing LLC increased its position in CNX Resources by 62.1% during the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 1,177 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Stock Performance

Shares of NYSE:CNX opened at $27.60 on Tuesday. CNX Resources Co. has a 52 week low of $19.07 and a 52 week high of $41.93. The firm’s 50 day moving average is $34.10 and its two-hundred day moving average is $32.25. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.32 and a current ratio of 0.33.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, beating the consensus estimate 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%. As a group, analysts expect that CNX Resources Co. will post 2.36 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Stephens boosted their target price on CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Truist Financial boosted their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and lifted their price objective for the stock from $31.00 to $37.00 in a report on Thursday, December 5th. Capital One Financial lowered shares of CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 target price on the stock. in a research note on Monday, October 14th. Finally, StockNews.com upgraded CNX Resources from a “sell” rating to a “hold” rating in a report on Monday. Eight investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $29.67.

Insiders Place Their Bets

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total value of $33,421,750.00. Following the sale, the insider now directly owns 13,925,000 shares in the company, valued at $432,928,250. The trade was a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.65% of the stock is currently owned by insiders.

CNX Resources Company 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.