Brandywine Global Investment Management LLC Trims Stock Position in CNX Resources Co. (NYSE:CNX)

Brandywine Global Investment Management LLC decreased its stake in CNX Resources Co. (NYSE:CNX) by 7.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 700,034 shares of the oil and gas producer’s stock after selling 57,576 shares during the period. Brandywine Global Investment Management LLC’s holdings in CNX Resources were worth $25,670,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Harvest Fund Management Co. Ltd purchased a new stake in CNX Resources in the fourth quarter valued at approximately $39,000. VSM Wealth Advisory LLC purchased a new stake in CNX Resources in the 4th quarter valued at $55,000. Principal Securities Inc. boosted its stake in CNX Resources by 38.5% during the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after purchasing an additional 691 shares during the period. Blue Trust Inc. grew its position in CNX Resources by 65.1% during the 4th quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer’s stock worth $119,000 after purchasing an additional 1,280 shares during the last quarter. Finally, Heck Capital Advisors LLC purchased a new stake in shares of CNX Resources in the fourth quarter valued at about $121,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Raymond James upgraded CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th. TD Cowen started coverage on shares of CNX Resources in a report on Wednesday, January 15th. They set a “hold” rating and a $27.00 price target for the company. Stephens upgraded CNX Resources from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $35.00 to $48.00 in a research note on Tuesday, March 18th. Morgan Stanley set a $33.00 price objective on CNX Resources and gave the stock an “underweight” rating in a report on Wednesday. Finally, Roth Capital set a $30.00 target price on CNX Resources in a report on Thursday, January 23rd. Nine equities 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $30.69.

CNX Resources Stock Performance

Shares of CNX opened at $31.66 on Monday. CNX Resources Co. has a 12-month low of $22.82 and a 12-month high of $41.93. The stock has a market cap of $4.66 billion, a P/E ratio of -46.56, a PEG ratio of 0.42 and a beta of 1.26. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average of $29.84 and a two-hundred day moving average of $33.30.

CNX Resources (NYSE:CNX) 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 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%. As a group, research analysts predict that CNX Resources Co. will post 2.18 EPS for the current fiscal year.

Insider Transactions at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the sale, the insider now owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.