Empowered Funds LLC Takes $1.52 Million Position in CNX Resources Corporation. $CNX

Empowered Funds LLC bought a new position in shares of CNX Resources Corporation. (NYSE:CNX) in the second quarter, HoldingsChannel reports. The institutional investor bought 44,780 shares of the oil and gas producer’s stock, valued at approximately $1,519,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new position in CNX Resources in the 2nd quarter valued at about $650,689,000. Dimensional Fund Advisors LP increased its stake in shares of CNX Resources by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 8,774,069 shares of the oil and gas producer’s stock worth $338,260,000 after purchasing an additional 28,851 shares during the period. Capital Research Global Investors increased its stake in shares of CNX Resources by 20.6% during the fourth quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer’s stock worth $175,210,000 after purchasing an additional 815,039 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in CNX Resources by 6,057.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer’s stock valued at $147,988,000 after buying an additional 3,776,511 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in CNX Resources during the 2nd quarter worth $87,949,000. Institutional investors own 95.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CNX shares. Weiss Ratings downgraded CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Tudor Pickering raised shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Barclays dropped their price objective on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a research note on Tuesday, May 26th. Mizuho decreased their target price on shares of CNX Resources from $44.00 to $42.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 27th. Finally, Morgan Stanley lowered their target price on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating on the stock in a report on Monday, June 29th. Nine research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, CNX Resources currently has an average rating of “Reduce” and a consensus price target of $35.44.

CNX Resources Price Performance

CNX stock opened at $37.75 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.46. CNX Resources Corporation. has a 12 month low of $28.82 and a 12 month high of $43.62. The firm has a market cap of $5.58 billion, a P/E ratio of 6.30 and a beta of 0.61. The company’s 50-day moving average price is $34.77 and its two-hundred day moving average price is $36.64.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 EPS for the quarter, beating the consensus estimate of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The company had revenue of $618.48 million during the quarter, compared to analysts’ expectations of $475.16 million. During the same period in the previous year, the company earned $2.43 EPS. The business’s revenue for the quarter was down 35.7% compared to the same quarter last year. On average, analysts anticipate that CNX Resources Corporation. will post 3.08 earnings per share for the current fiscal year.

About CNX Resources

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.