Pitcairn Co. Sells 11,530 Shares of CNX Resources Co. (NYSE:CNX)

Pitcairn Co. trimmed its position in CNX Resources Co. (NYSE:CNX) by 51.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 10,702 shares of the oil and gas producer’s stock after selling 11,530 shares during the quarter. Pitcairn Co.’s holdings in CNX Resources were worth $392,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership acquired a new stake in CNX Resources in the fourth quarter valued at approximately $37,923,000. Raymond James Financial Inc. acquired a new stake in CNX Resources in the 4th quarter valued at $14,268,000. Empirical Asset Management LLC bought a new stake in CNX Resources during the 4th quarter valued at $9,281,000. ExodusPoint Capital Management LP acquired a new position in CNX Resources during the fourth quarter worth $8,072,000. Finally, Empowered Funds LLC lifted its position in CNX Resources by 328.0% in the 4th quarter. Empowered Funds LLC now owns 211,719 shares of the oil and gas producer’s stock valued at $7,764,000 after acquiring an additional 162,247 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity at CNX Resources

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.10% of the stock is owned by company insiders.

CNX Resources Stock Down 6.2 %

Shares of NYSE CNX opened at $29.29 on Friday. The business’s fifty day moving average price is $30.03 and its 200-day moving average price is $33.38. CNX Resources Co. has a one year low of $22.82 and a one year high of $41.93. The stock has a market capitalization of $4.31 billion, a PE ratio of -43.08, a P/E/G ratio of 0.42 and a beta of 1.26. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. CNX Resources had a negative net margin of 7.14% and a positive return on equity of 6.72%. On average, equities research analysts anticipate that CNX Resources Co. will post 2.18 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CNX. Piper Sandler dropped their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 29th. JPMorgan Chase & Co. upped their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research report on Thursday, March 13th. Mizuho dropped their target price 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. Morgan Stanley set a $33.00 target price on CNX Resources and gave the company an “underweight” rating in a report on Wednesday, March 26th. Finally, StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday, February 13th. Nine investment analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $30.83.

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.