Mfn Partners, Lp Sells 1,075,000 Shares of CNX Resources Co. (NYSE:CNX) Stock

CNX Resources Co. (NYSE:CNX) major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s 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 sale, the insider now directly owns 13,925,000 shares in the company, valued at approximately $432,928,250. This represents 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 hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

CNX Resources Stock Down 3.9 %

CNX stock opened at $30.01 on Friday. The company has a market cap of $4.48 billion, a price-to-earnings ratio of 9.44, a P/E/G ratio of 1.85 and a beta of 1.42. CNX Resources Co. has a twelve month low of $19.07 and a twelve month high of $41.93. The business has a 50 day moving average price of $37.23 and a two-hundred day moving average price of $31.68. 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 released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.09. The business had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period last year, the business earned $0.35 earnings per share. Analysts anticipate that CNX Resources Co. will post 1.54 EPS for the current fiscal year.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. grew its holdings in 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 period. Geode Capital Management LLC boosted its stake in shares of CNX Resources by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after acquiring an additional 12,333 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after acquiring an additional 202,890 shares during the last quarter. LSV Asset Management raised its stake in CNX Resources by 1.4% in the 2nd quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock valued at $43,276,000 after acquiring an additional 23,800 shares during the period. Finally, Aureus Asset Management LLC raised its stake in CNX Resources by 0.6% in the 3rd quarter. Aureus Asset Management LLC now owns 642,289 shares of the oil and gas producer’s stock valued at $20,919,000 after acquiring an additional 3,659 shares during the period. 95.16% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on CNX. Tudor, Pickering, Holt & Co. downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday, October 1st. Morgan Stanley assumed coverage on shares of CNX Resources in a report on Friday. They set an “underweight” rating and a $29.00 price objective on the stock. Mizuho cut shares of CNX Resources from a “neutral” rating to an “underperform” rating and boosted their price objective for the company from $33.00 to $38.00 in a research report on Monday, December 16th. Capital One Financial downgraded CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target on the stock. in a research note on Monday, October 14th. Finally, Tudor Pickering raised CNX Resources to a “strong sell” rating in a research report on Tuesday, October 1st. Nine analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, CNX Resources presently has a consensus rating of “Reduce” and a consensus price target of $30.36.

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.