Wallace Capital Management Inc. Trims Stake in CNX Resources Co. (NYSE:CNX)

Wallace Capital Management Inc. trimmed its holdings in shares of CNX Resources Co. (NYSE:CNX) by 1.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 446,642 shares of the oil and gas producer’s stock after selling 5,630 shares during the quarter. CNX Resources comprises about 1.4% of Wallace Capital Management Inc.’s holdings, making the stock its 16th largest position. Wallace Capital Management Inc. owned 0.29% of CNX Resources worth $10,853,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CNX. Mizuho Markets Americas LLC purchased a new position in CNX Resources during the second quarter worth about $97,200,000. American Century Companies Inc. lifted its stake in CNX Resources by 12.0% during 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 purchasing an additional 397,729 shares during the last quarter. Renaissance Technologies LLC lifted its stake in CNX Resources by 197.0% during the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock worth $11,324,000 after purchasing an additional 309,100 shares during the last quarter. LSV Asset Management lifted its stake in CNX Resources by 18.0% during the first quarter. LSV Asset Management now owns 1,757,121 shares of the oil and gas producer’s stock worth $41,679,000 after purchasing an additional 267,768 shares during the last quarter. Finally, Quantbot Technologies LP lifted its stake in CNX Resources by 533.4% during the first quarter. Quantbot Technologies LP now owns 286,480 shares of the oil and gas producer’s stock worth $6,795,000 after purchasing an additional 241,250 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at CNX Resources

In other news, Director Bernard Lanigan, Jr. bought 75,000 shares of CNX Resources stock in a transaction on Monday, September 9th. The shares were purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now owns 401,820 shares of the company’s stock, valued at $10,772,794.20. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.10% of the stock is currently owned by corporate insiders.

CNX Resources Trading Up 4.2 %

CNX opened at $31.49 on Monday. The business has a 50 day simple moving average of $27.25 and a two-hundred day simple moving average of $25.36. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 5.70 and a beta of 1.37. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.41 and a quick ratio of 0.40. CNX Resources Co. has a one year low of $19.07 and a one year high of $32.26.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.09. The business had revenue of $321.44 million during the quarter, compared to analyst estimates of $387.46 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same quarter in the prior year, the company posted $0.29 EPS. Analysts predict that CNX Resources Co. will post 1.44 EPS for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on CNX. Scotiabank lifted their price target on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Truist Financial lifted their price target on CNX Resources from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. StockNews.com lowered CNX Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 3rd. JPMorgan Chase & Co. boosted their target price on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Finally, Mizuho boosted their target price on CNX Resources from $30.00 to $32.00 and gave the company a “neutral” rating in a research note on Monday, September 16th. Three analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to MarketBeat, CNX Resources has a consensus rating of “Hold” and an average price target of $26.13.

CNX Resources 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.