Advisors Preferred LLC Invests $1.70 Million in CNX Resources Co. (NYSE:CNX)

Advisors Preferred LLC acquired a new stake in CNX Resources Co. (NYSE:CNX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 45,521 shares of the oil and gas producer’s stock, valued at approximately $1,699,000.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in shares of CNX Resources by 135.4% in the third quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after acquiring an additional 1,131 shares in the last quarter. CWM LLC boosted its holdings in CNX Resources by 77.0% in the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares during the period. GAMMA Investing LLC grew its stake in CNX Resources by 62.1% during the 3rd quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 1,177 shares in the last quarter. Heck Capital Advisors LLC purchased a new stake in CNX Resources during the 4th quarter worth about $121,000. Finally, Longboard Asset Management LP purchased a new stake in CNX Resources during the 4th quarter worth about $212,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

CNX Resources Stock Performance

Shares of CNX opened at $29.27 on Friday. The company has a 50-day moving average of $33.17 and a two-hundred day moving average of $32.25. The stock has a market cap of $4.37 billion, a P/E ratio of -43.04, a PEG ratio of 0.36 and a beta of 1.38. CNX Resources Co. has a 12-month low of $19.07 and a 12-month high of $41.93. 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 earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating the consensus estimate 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%. As a group, research analysts predict that CNX Resources Co. will post 2.36 EPS for the current fiscal year.

Insider Activity at CNX Resources

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources 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 transaction, the insider now owns 13,925,000 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CNX. Mizuho lowered their price objective on CNX Resources from $38.00 to $34.00 and set an “underperform” rating for the company in a research report on Tuesday, January 14th. StockNews.com upgraded shares of CNX Resources from a “sell” rating to a “hold” rating in a research note on Monday, February 3rd. Bank of America assumed coverage on CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 price target for the company. Stephens boosted their target price on CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Finally, Piper Sandler cut their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Wednesday, January 29th. Eight analysts have rated the stock with a sell rating and seven have given a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $29.67.

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.