Allianz Asset Management GmbH Reduces Stock Position in CNX Resources Co. (NYSE:CNX)

Allianz Asset Management GmbH lessened its holdings in CNX Resources Co. (NYSE:CNX) by 9.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 769,197 shares of the oil and gas producer’s stock after selling 84,940 shares during the quarter. Allianz Asset Management GmbH’s holdings in CNX Resources were worth $28,206,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Congress Asset Management Co. grew its holdings in shares of CNX Resources by 7.2% during the fourth quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer’s stock worth $9,771,000 after purchasing an additional 17,951 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of CNX Resources by 12.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after purchasing an additional 202,890 shares during the last quarter. World Investment Advisors LLC purchased a new position in shares of CNX Resources during the third quarter worth about $534,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of CNX Resources by 311.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after purchasing an additional 466,694 shares during the last quarter. Finally, Convergence Investment Partners LLC purchased a new position in shares of CNX Resources during the fourth quarter worth about $1,556,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insider Activity

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the sale, the insider now directly owns 13,925,000 shares in the company, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.10% of the company’s stock.

CNX Resources Price Performance

Shares of CNX opened at $29.51 on Monday. CNX Resources Co. has a twelve month low of $20.30 and a twelve month high of $41.93. The stock’s 50 day moving average is $31.58 and its two-hundred day moving average is $32.69. The firm has a market capitalization of $4.39 billion, a PE ratio of -43.39, a P/E/G ratio of 0.42 and a beta of 1.38. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CNX. Morgan Stanley began coverage on CNX Resources in a report on Friday, January 10th. They set an “underweight” rating and a $29.00 price objective on the stock. Piper Sandler lowered their price target on CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Wednesday, January 29th. Truist Financial raised their price target on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a report on Thursday, February 13th. Finally, TD Cowen started coverage on CNX Resources in a report on Wednesday, January 15th. They set a “hold” rating and a $27.00 price target on the stock. Nine equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $29.69.

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.