Intech Investment Management LLC Lowers Stock Holdings in CNX Resources Co. (NYSE:CNX)

Intech Investment Management LLC reduced its position in CNX Resources Co. (NYSE:CNX) by 28.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 64,702 shares of the oil and gas producer’s stock after selling 25,622 shares during the quarter. Intech Investment Management LLC’s holdings in CNX Resources were worth $2,107,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the company. Mizuho Markets Americas LLC acquired a new stake in CNX Resources in the second quarter valued at $97,200,000. American Century Companies Inc. boosted 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 buying an additional 397,729 shares in the last quarter. LSV Asset Management boosted its holdings in CNX Resources by 1.4% during the second quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock worth $43,276,000 after buying an additional 23,800 shares in the last quarter. Tributary Capital Management LLC grew its position in CNX Resources by 0.3% during the second quarter. Tributary Capital Management LLC now owns 901,940 shares of the oil and gas producer’s stock worth $21,917,000 after buying an additional 2,535 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in CNX Resources by 311.0% in the third 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. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Trading Up 1.1 %

Shares of CNX opened at $41.09 on Monday. CNX Resources Co. has a fifty-two week low of $19.07 and a fifty-two week high of $41.17. The stock has a fifty day moving average of $35.00 and a two-hundred day moving average of $28.92. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. The company has a market capitalization of $6.13 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.97 and a beta of 1.37.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, beating the consensus estimate of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The firm had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. During the same period in the prior year, the firm posted $0.35 earnings per share. As a group, analysts forecast that CNX Resources Co. will post 1.53 EPS for the current year.

Insider Buying and Selling

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were acquired at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the transaction, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. This represents a 22.95 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 3.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CNX shares. Piper Sandler cut CNX Resources from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $22.00 to $20.00 in a report on Thursday, August 15th. StockNews.com downgraded CNX Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 3rd. Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Scotiabank lifted their target price on shares of CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Bank of America assumed coverage on shares of CNX Resources in a research report on Monday, October 28th. They issued an “underperform” rating and a $34.00 price target on the stock. Six equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat.com, CNX Resources has a consensus rating of “Hold” and a consensus target price of $29.00.

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.