Entropy Technologies LP Acquires 78,719 Shares of CNX Resources Co. (NYSE:CNX)

Entropy Technologies LP increased its position in CNX Resources Co. (NYSE:CNX) by 493.9% in the 4th quarter, HoldingsChannel reports. The fund owned 94,657 shares of the oil and gas producer’s stock after purchasing an additional 78,719 shares during the period. Entropy Technologies LP’s holdings in CNX Resources were worth $3,471,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in CNX. Connor Clark & Lunn Investment Management Ltd. increased its holdings in CNX Resources by 311.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after acquiring an additional 466,694 shares during the last quarter. Empirical Asset Management LLC purchased a new position in CNX Resources during the 4th quarter valued at about $9,281,000. Charles Schwab Investment Management Inc. grew its holdings in CNX Resources by 12.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after buying an additional 202,890 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of CNX Resources by 328.0% during the fourth quarter. Empowered Funds LLC now owns 211,719 shares of the oil and gas producer’s stock worth $7,764,000 after purchasing an additional 162,247 shares in the last quarter. Finally, Riverwater Partners LLC grew its holdings in shares of CNX Resources by 124.2% during the third quarter. Riverwater Partners LLC now owns 146,363 shares of the oil and gas producer’s stock worth $4,839,000 after purchasing an additional 81,092 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of research firms recently weighed in on CNX. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and boosted their target price for the stock from $31.00 to $37.00 in a research report on Thursday, December 5th. Morgan Stanley initiated coverage on CNX Resources in a research report on Friday, January 10th. They issued an “underweight” rating and a $29.00 price objective for the company. StockNews.com upgraded CNX Resources from a “sell” rating to a “hold” rating in a research report on Monday, February 3rd. Capital One Financial downgraded CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective for the company. in a research report on Monday, October 14th. Finally, TD Cowen began coverage on CNX Resources in a research note on Wednesday, January 15th. They set a “hold” rating and a $27.00 target price on the stock. Eight investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, CNX Resources has a consensus rating of “Reduce” and a consensus target price of $29.67.

CNX Resources Price Performance

Shares of CNX stock opened at $29.27 on Friday. The stock has a market cap of $4.37 billion, a price-to-earnings ratio of -43.04, a PEG ratio of 0.39 and a beta of 1.38. The business’s fifty day moving average is $33.17 and its 200 day moving average is $32.30. CNX Resources Co. has a twelve month low of $19.07 and a twelve month high of $41.93. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share 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%. Research analysts expect that CNX Resources Co. will post 2.36 EPS for the current fiscal year.

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.