Corebridge Financial Inc. Sells 16,340 Shares of CNX Resources Co. (NYSE:CNX)

Corebridge Financial Inc. trimmed its position in shares of CNX Resources Co. (NYSE:CNX) by 6.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 240,421 shares of the oil and gas producer’s stock after selling 16,340 shares during the period. Corebridge Financial Inc.’s holdings in CNX Resources were worth $8,816,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CNX. Geode Capital Management LLC raised its stake in shares of CNX Resources by 0.3% during the third quarter. Geode Capital Management LLC now owns 3,602,837 shares of the oil and gas producer’s stock worth $117,366,000 after acquiring an additional 12,333 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of CNX Resources by 7.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock valued at $73,357,000 after purchasing an additional 139,647 shares during the last quarter. Assetmark Inc. raised its position in CNX Resources by 2.2% in the 4th quarter. Assetmark Inc. now owns 885,429 shares of the oil and gas producer’s stock worth $32,469,000 after purchasing an additional 19,309 shares during the period. Aureus Asset Management LLC raised its position in CNX Resources by 0.6% in the 3rd quarter. Aureus Asset Management LLC now owns 642,289 shares of the oil and gas producer’s stock worth $20,919,000 after purchasing an additional 3,659 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in CNX Resources by 0.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,503 shares of the oil and gas producer’s stock worth $22,827,000 after purchasing an additional 5,769 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business’s stock in a transaction 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 sale, the insider now owns 13,925,000 shares in the company, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CNX shares. Mizuho decreased their price objective on CNX Resources from $38.00 to $34.00 and set an “underperform” rating on the stock in a report on Tuesday, January 14th. Raymond James upgraded CNX Resources from an “underperform” rating to a “market perform” rating in a research report on Tuesday, February 18th. JPMorgan Chase & Co. boosted their price objective on CNX Resources from $32.00 to $33.00 and gave the company an “underweight” rating in a research report on Thursday, March 13th. Piper Sandler cut their target price 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. Finally, Morgan Stanley set a $33.00 price target on shares of CNX Resources and gave the company an “underweight” rating in a report on Wednesday. Nine equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $30.69.

CNX Resources Price Performance

Shares of NYSE CNX opened at $31.58 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.33 and a quick ratio of 0.32. CNX Resources Co. has a 1 year low of $22.82 and a 1 year high of $41.93. The company’s 50-day moving average is $29.81 and its 200 day moving average is $33.18. The stock has a market capitalization of $4.65 billion, a P/E ratio of -46.44, a P/E/G ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. On average, sell-side analysts expect that CNX Resources Co. will post 2.18 earnings per share for the current year.

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.