First Horizon Advisors Inc. Decreases Stake in CNX Resources Co. (NYSE:CNX)

First Horizon Advisors Inc. lessened its stake in CNX Resources Co. (NYSE:CNX) by 35.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,533 shares of the oil and gas producer’s stock after selling 828 shares during the quarter. First Horizon Advisors Inc.’s holdings in CNX Resources were worth $50,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CNX. Mizuho Markets Americas LLC acquired a new position in CNX Resources during the second quarter worth about $97,200,000. Connor Clark & Lunn Investment Management Ltd. increased its stake 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 purchasing an additional 466,694 shares in the last quarter. American Century Companies Inc. raised 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 last quarter. Renaissance Technologies LLC raised its holdings in CNX Resources by 197.0% during the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock worth $11,324,000 after purchasing an additional 309,100 shares during the last quarter. Finally, Levin Capital Strategies L.P. acquired a new stake in CNX Resources in the first quarter valued at $4,813,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on CNX shares. Stephens increased their price target on shares of CNX Resources from $26.00 to $35.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Mizuho increased their target price on CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Capital One Financial cut CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target for the company. in a report on Monday, October 14th. JPMorgan Chase & Co. dropped their price objective on CNX Resources from $32.00 to $31.00 and set a “neutral” rating for the company in a research report on Wednesday, October 30th. Finally, Tudor, Pickering, Holt & Co. downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Six investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $29.00.

Insider Activity at CNX Resources

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. The trade was a 22.95 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is owned by insiders.

CNX Resources Stock Up 1.1 %

Shares of NYSE:CNX opened at $41.09 on Monday. CNX Resources Co. has a 1 year low of $19.07 and a 1 year high of $41.17. The stock has a 50-day simple moving average of $35.00 and a 200-day simple 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 stock has a market capitalization of $6.13 billion, a P/E ratio of 12.92, a PEG ratio of 1.97 and a beta of 1.37.

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

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.