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

CNX Resources Co. (NYSE:CNX) 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 value of $33,421,750.00. Following the sale, the insider now owns 13,925,000 shares in the company, valued at $432,928,250. This represents a 7.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

CNX Resources Stock Performance

NYSE CNX opened at $31.20 on Thursday. The company has a quick ratio of 0.36, a current ratio of 0.37 and a debt-to-equity ratio of 0.46. CNX Resources Co. has a twelve month low of $19.07 and a twelve month high of $41.93. The business 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 price-to-earnings-growth ratio of 1.85 and a beta of 1.42.

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

Institutional Trading of CNX Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. Natixis Advisors LLC grew its position in shares of CNX Resources by 9.1% during the second quarter. Natixis Advisors LLC now owns 40,403 shares of the oil and gas producer’s stock valued at $982,000 after purchasing an additional 3,366 shares in the last quarter. LSV Asset Management increased its stake in CNX Resources by 1.4% in the 2nd quarter. LSV Asset Management now owns 1,780,921 shares of the oil and gas producer’s stock worth $43,276,000 after acquiring an additional 23,800 shares during the last quarter. Choreo LLC purchased a new stake in shares of CNX Resources during the 2nd quarter worth approximately $701,000. Texas Permanent School Fund Corp boosted its position in shares of CNX Resources by 68.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 224,416 shares of the oil and gas producer’s stock valued at $5,453,000 after acquiring an additional 91,570 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of 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 valued at $89,890,000 after purchasing an additional 397,729 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CNX has been the topic of a number of research reports. BMO Capital Markets boosted their target price on shares of CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a report on Friday, October 4th. Truist Financial upped their price objective 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. Bank of America initiated coverage on shares of CNX Resources in a report on Monday, October 28th. They set an “underperform” rating and a $34.00 target price for the company. Piper Sandler upped their price target on CNX Resources from $20.00 to $23.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Finally, Mizuho cut CNX Resources from a “neutral” rating to an “underperform” rating and lifted their price objective for the company from $33.00 to $38.00 in a research note on Monday, December 16th. Eight investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus target price 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.