AlphaQuest LLC Takes Position in CNX Resources Co. (NYSE:CNX)

AlphaQuest LLC bought a new stake in shares of CNX Resources Co. (NYSE:CNX) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 18,710 shares of the oil and gas producer’s stock, valued at approximately $686,000.

A number of other hedge funds have also recently modified their holdings of the business. Geode Capital Management LLC grew 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 valued at $117,366,000 after buying an additional 12,333 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in CNX Resources by 7.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,000,464 shares of the oil and gas producer’s stock worth $73,357,000 after purchasing an additional 139,647 shares in the last quarter. Assetmark Inc. grew its stake in CNX Resources by 2.2% in the fourth 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 in the last quarter. Aureus Asset Management LLC grew its stake in CNX Resources by 0.6% in the third 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 in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in CNX Resources by 311.0% in the third 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 purchasing an additional 466,694 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CNX. TD Cowen began coverage on CNX Resources in a research note on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price objective on the stock. JPMorgan Chase & Co. cut CNX Resources from a “neutral” rating to an “underweight” rating and increased their price objective for the stock from $31.00 to $37.00 in a research note on Thursday, December 5th. Truist Financial increased their price objective on CNX Resources from $34.00 to $35.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Morgan Stanley began coverage on CNX Resources in a research note on Friday, January 10th. They issued an “underweight” rating and a $29.00 price objective on the stock. Finally, Raymond James raised CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th. Nine research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. Based on data from MarketBeat.com, CNX Resources has a consensus rating of “Reduce” and a consensus price target of $29.69.

CNX Resources Stock Performance

Shares of CNX opened at $29.84 on Wednesday. CNX Resources Co. has a 12 month low of $21.00 and a 12 month high of $41.93. The stock has a fifty day moving average price of $29.96 and a 200-day moving average price of $32.94. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45. The firm has a market cap of $4.44 billion, a PE ratio of -43.87, a P/E/G ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, January 30th. The oil and gas producer reported $0.57 EPS for the quarter, beating 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%. Equities research analysts predict that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s 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 completion of the transaction, the insider now owns 13,925,000 shares in the company, valued at $432,928,250. This trade represents a 7.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 3.10% of the company’s stock.

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.