CNX Resources Co. (NYSE:CNX) Major Shareholder Mfn Partners, Lp Sells 1,075,000 Shares of Stock

CNX Resources Co. (NYSE:CNX) major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction on Monday, January 6th. The shares were 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 owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

CNX Resources Trading Up 2.3 %

Shares of CNX opened at $31.20 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. CNX Resources Co. has a fifty-two week low of $19.07 and a fifty-two week high of $41.93. The firm has a 50 day moving average price of $37.29 and a 200-day moving average price of $31.69. The firm has a market cap of $4.66 billion, a price-to-earnings ratio of 9.81, a PEG ratio of 1.85 and a beta of 1.42.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.09. The business had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period in the prior year, the business posted $0.35 earnings per share. As a group, equities research analysts forecast that CNX Resources Co. will post 1.54 earnings per share for the current year.

Hedge Funds Weigh In On CNX Resources

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. lifted its holdings 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 worth $20,087,000 after buying an additional 466,694 shares during the period. American Century Companies Inc. lifted its stake in CNX Resources by 12.0% in 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 acquiring an additional 397,729 shares during the period. Renaissance Technologies LLC boosted its holdings in CNX Resources by 197.0% in the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after acquiring an additional 309,100 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after purchasing an additional 202,890 shares during the period. Finally, Federated Hermes Inc. raised its holdings in CNX Resources by 212.5% in the 2nd quarter. Federated Hermes Inc. now owns 147,197 shares of the oil and gas producer’s stock worth $3,577,000 after purchasing an additional 100,095 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CNX has been the subject of a number of recent analyst reports. Tudor Pickering raised CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Truist Financial upped their target price on shares of CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a report on Friday, December 6th. JPMorgan Chase & Co. downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and raised their price target for the company from $31.00 to $37.00 in a report on Thursday, December 5th. Mizuho cut shares of CNX Resources from a “neutral” rating to an “underperform” rating and upped their price target for the stock from $33.00 to $38.00 in a report on Monday, December 16th. Finally, Piper Sandler raised their price target on CNX Resources from $20.00 to $23.00 and gave the company an “underweight” rating in a report on Friday, December 6th. Eight analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $30.50.

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.