Principal Financial Group Inc. Cuts Stake in CNX Resources Co. (NYSE:CNX)

Principal Financial Group Inc. reduced its stake in shares of CNX Resources Co. (NYSE:CNX) by 7.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 626,744 shares of the oil and gas producer’s stock after selling 48,706 shares during the period. Principal Financial Group Inc.’s holdings in CNX Resources were worth $11,106,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Mirabella Financial Services LLP purchased a new position in shares of CNX Resources during the 2nd quarter worth about $267,000. Envestnet Asset Management Inc. raised its holdings in CNX Resources by 16.8% in the second quarter. Envestnet Asset Management Inc. now owns 215,646 shares of the oil and gas producer’s stock valued at $3,821,000 after buying an additional 30,976 shares during the period. Delphi Financial Group Inc. raised its holdings in CNX Resources by 34.4% in the second quarter. Delphi Financial Group Inc. now owns 256,850 shares of the oil and gas producer’s stock valued at $4,551,000 after buying an additional 65,800 shares during the period. LSV Asset Management purchased a new position in CNX Resources in the second quarter valued at approximately $1,426,000. Finally, Signaturefd LLC raised its holdings in CNX Resources by 16.5% in the second quarter. Signaturefd LLC now owns 6,111 shares of the oil and gas producer’s stock valued at $108,000 after buying an additional 865 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at CNX Resources

In related news, Director Bernard Lanigan, Jr. purchased 45,805 shares of the firm’s stock in a transaction dated Monday, September 18th. The stock was acquired at an average price of $21.83 per share, with a total value of $999,923.15. Following the completion of the transaction, the director now owns 251,820 shares of the company’s stock, valued at $5,497,230.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Bernard Lanigan, Jr. acquired 98,635 shares of CNX Resources stock in a transaction that occurred on Friday, September 15th. The shares were purchased at an average cost of $22.00 per share, for a total transaction of $2,169,970.00. Following the completion of the purchase, the director now directly owns 206,015 shares of the company’s stock, valued at approximately $4,532,330. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bernard Lanigan, Jr. acquired 45,805 shares of CNX Resources stock in a transaction that occurred on Monday, September 18th. The shares were purchased at an average price of $21.83 per share, for a total transaction of $999,923.15. Following the completion of the purchase, the director now directly owns 251,820 shares of the company’s stock, valued at $5,497,230.60. The disclosure for this purchase can be found here. Corporate insiders own 3.10% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Stephens restated an “equal weight” rating and issued a $24.00 price target on shares of CNX Resources in a report on Thursday, October 12th. Truist Financial raised their price target on shares of CNX Resources from $19.00 to $21.00 and gave the company a “hold” rating in a report on Monday, September 11th. Bank of America raised their price target on shares of CNX Resources from $21.00 to $23.00 in a report on Wednesday, September 27th. Mizuho increased their price objective on shares of CNX Resources from $22.00 to $24.00 and gave the company an “underperform” rating in a research report on Monday, September 18th. Finally, StockNews.com raised shares of CNX Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, November 14th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $22.20.

CNX Resources Stock Up 1.1 %

Shares of NYSE:CNX opened at $21.39 on Monday. The company has a quick ratio of 0.28, a current ratio of 0.30 and a debt-to-equity ratio of 0.47. CNX Resources Co. has a 52-week low of $14.36 and a 52-week high of $23.68. The company has a 50 day moving average of $22.05 and a two-hundred day moving average of $19.73. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 1.80, a price-to-earnings-growth ratio of 2.54 and a beta of 1.42.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Wednesday, October 25th. The oil and gas producer reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.09. CNX Resources had a net margin of 58.04% and a return on equity of 15.80%. The business had revenue of $357.00 million during the quarter, compared to the consensus estimate of $387.49 million. As a group, analysts forecast that CNX Resources Co. will post 1.53 earnings per share for the current fiscal year.

CNX Resources Profile

CNX Resources Corporation, an independent natural gas and midstream company, acquires, explores for, develops, and produces 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.