Empowered Funds LLC Sells 2,380 Shares of CNX Resources Co. (NYSE:CNX)

Empowered Funds LLC trimmed its stake in shares of CNX Resources Co. (NYSE:CNX) by 4.6% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 49,472 shares of the oil and gas producer’s stock after selling 2,380 shares during the quarter. Empowered Funds LLC’s holdings in CNX Resources were worth $1,611,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of CNX. QRG Capital Management Inc. lifted its stake in shares of CNX Resources by 13.8% in the 2nd quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock valued at $4,629,000 after acquiring an additional 23,069 shares during the last quarter. Boston Partners acquired a new position in shares of CNX Resources in the first quarter valued at approximately $951,000. Caxton Associates LP bought a new position in CNX Resources in the 1st quarter valued at approximately $710,000. Bridges Investment Management Inc. bought a new stake in CNX Resources during the 2nd quarter worth approximately $916,000. Finally, Paralel Advisors LLC bought a new stake in CNX Resources during the 2nd quarter worth approximately $2,338,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Insider Activity at CNX Resources

In other CNX Resources news, Director Bernard Lanigan, Jr. purchased 75,000 shares of CNX Resources stock in a transaction dated Monday, September 9th. The shares were purchased at an average cost of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the acquisition, the director now owns 401,820 shares in the company, valued at $10,772,794.20. This represents a 22.95 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on CNX. Truist Financial cut shares of CNX Resources from a “buy” rating to a “hold” rating and cut their price target for the company from $38.00 to $34.00 in a research report on Monday, October 28th. JPMorgan Chase & Co. decreased their price target on shares of CNX Resources from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. Bank of America started coverage on shares of CNX Resources in a research report on Monday, October 28th. They set an “underperform” rating and a $34.00 price objective on the stock. Scotiabank upped 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. Finally, Tudor Pickering raised CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Six equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $29.00.

CNX Resources Stock Performance

NYSE:CNX opened at $40.67 on Friday. The stock has a 50-day simple moving average of $34.72 and a two-hundred day simple moving average of $28.73. 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 52-week low of $19.07 and a 52-week high of $41.07. The firm has a market capitalization of $6.07 billion, a PE ratio of 12.79, a P/E/G ratio of 1.90 and a beta of 1.37.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share 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 company had revenue of $424.21 million for the quarter, compared to analysts’ expectations of $398.33 million. During the same quarter in the previous year, the company earned $0.35 EPS. Analysts forecast that CNX Resources Co. will post 1.53 EPS 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.