CNX Resources Co. (NYSE:CNX) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC cut its holdings in shares of CNX Resources Co. (NYSE:CNX) by 11.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 141,453 shares of the oil and gas producer’s stock after selling 19,052 shares during the period. Wedge Capital Management L L P NC’s holdings in CNX Resources were worth $5,187,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CNX. Charles Schwab Investment Management Inc. raised its stake in 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 valued at $60,607,000 after acquiring an additional 202,890 shares in the last quarter. World Investment Advisors LLC bought a new stake in shares of CNX Resources during the third quarter valued at about $534,000. Bridges Investment Management Inc. acquired a new stake in CNX Resources in the second quarter worth about $916,000. Connor Clark & Lunn Investment Management Ltd. grew its position in CNX Resources by 311.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after buying an additional 466,694 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake 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 period. 95.16% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CNX. Stephens increased their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Truist Financial boosted their price objective on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. cut CNX Resources from a “neutral” rating to an “underweight” rating and raised their target price for the company from $31.00 to $37.00 in a research note on Thursday, December 5th. Mizuho dropped their price target on shares of CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 14th. Finally, Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Nine analysts have rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat.com, CNX Resources has a consensus rating of “Reduce” and an average target price of $29.75.

CNX Resources Stock Performance

CNX Resources stock opened at $30.14 on Friday. CNX Resources Co. has a fifty-two week low of $19.07 and a fifty-two week high of $41.93. The firm’s 50 day simple moving average is $36.53 and its 200-day simple moving average is $31.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. The company has a market cap of $4.50 billion, a P/E ratio of 9.48, a price-to-earnings-growth ratio of 1.09 and a beta of 1.42.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The company had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. During the same quarter in the prior year, the company earned $0.35 earnings per share. As a group, equities research analysts predict that CNX Resources Co. will post 1.57 EPS for the current year.

Insiders Place Their Bets

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the company’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 transaction, the insider now owns 13,925,000 shares in the company, valued at $432,928,250. This represents a 7.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.65% of the company’s stock.

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.