Louisiana State Employees Retirement System Invests $892,000 in CNX Resources Co. (NYSE:CNX)

Louisiana State Employees Retirement System purchased a new position in shares of CNX Resources Co. (NYSE:CNX) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 44,600 shares of the oil and gas producer’s stock, valued at approximately $892,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Algert Global LLC purchased a new stake in shares of CNX Resources during the 3rd quarter worth about $350,000. QRG Capital Management Inc. bought a new position in shares of CNX Resources in the 3rd quarter valued at approximately $3,542,000. Comerica Bank bought a new position in shares of CNX Resources in the 3rd quarter valued at approximately $4,054,000. Stifel Financial Corp raised its stake in shares of CNX Resources by 444.1% in the 3rd quarter. Stifel Financial Corp now owns 137,247 shares of the oil and gas producer’s stock valued at $3,099,000 after acquiring an additional 112,023 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in shares of CNX Resources in the 3rd quarter valued at approximately $1,343,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $23.93 on Friday. CNX Resources Co. has a 1-year low of $14.36 and a 1-year high of $24.82. The firm has a market capitalization of $3.66 billion, a PE ratio of 2.63 and a beta of 1.33. The business’s 50 day moving average is $22.51 and its 200-day moving average is $21.41. The company has a current ratio of 0.51, a quick ratio of 0.49 and a debt-to-equity ratio of 0.43.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, January 25th. The oil and gas producer reported $2.89 earnings per share for the quarter, topping the consensus estimate of $0.30 by $2.59. CNX Resources had a return on equity of 9.00% and a net margin of 50.34%. The company had revenue of $999.50 million for the quarter, compared to analyst estimates of $401.62 million. During the same quarter last year, the firm earned $1.64 EPS. CNX Resources’s revenue for the quarter was down 38.9% compared to the same quarter last year. Sell-side analysts predict that CNX Resources Co. will post 1.29 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CNX. Roth Mkm raised their price objective on CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a research note on Tuesday, April 2nd. Scotiabank raised their price objective on CNX Resources from $20.00 to $25.00 and gave the company a “sector underperform” rating in a research note on Thursday, April 11th. Piper Sandler raised their price objective on CNX Resources from $18.00 to $22.00 and gave the company a “neutral” rating in a research note on Friday, April 19th. Bank of America raised CNX Resources from an “underperform” rating to a “neutral” rating and set a $23.00 target price on the stock in a report on Friday, January 5th. Finally, Truist Financial raised their target price on CNX Resources from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, April 5th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat, CNX Resources currently has a consensus rating of “Hold” and a consensus target price of $24.43.

Insider Transactions at CNX Resources

In related news, EVP Timothy Scott Bedard sold 1,226 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $20.83, for a total transaction of $25,537.58. Following the completion of the transaction, the executive vice president now owns 67,982 shares in the company, valued at approximately $1,416,065.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is owned by insiders.

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.