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

Corebridge Financial Inc. decreased its position in CNX Resources Co. (NYSE:CNX) by 6.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 240,421 shares of the oil and gas producer’s stock after selling 16,340 shares during the quarter. Corebridge Financial Inc. owned approximately 0.16% of CNX Resources worth $8,816,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in CNX Resources by 12.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock worth $60,607,000 after purchasing an additional 202,890 shares in the last quarter. BNP Paribas Financial Markets increased its position in shares of CNX Resources by 231.9% during the third quarter. BNP Paribas Financial Markets now owns 104,361 shares of the oil and gas producer’s stock valued at $3,399,000 after acquiring an additional 72,914 shares during the last quarter. Verition Fund Management LLC bought a new stake in CNX Resources during the third quarter worth $1,321,000. Edgestream Partners L.P. boosted its position in CNX Resources by 112.9% in the third quarter. Edgestream Partners L.P. now owns 78,819 shares of the oil and gas producer’s stock worth $2,567,000 after purchasing an additional 41,793 shares during the last quarter. Finally, Aureus Asset Management LLC grew its stake 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 valued at $20,919,000 after purchasing an additional 3,659 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were 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 of the company’s stock, valued at $432,928,250. The trade was a 7.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.10% of the company’s stock.

CNX Resources Stock Performance

NYSE CNX opened at $31.58 on Friday. The company’s 50 day simple moving average is $29.81 and its two-hundred day simple moving average is $33.18. 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 stock has a market capitalization of $4.65 billion, a PE ratio of -46.44, a P/E/G ratio of 0.42 and a beta of 1.26.

CNX Resources (NYSE:CNX) last released 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 negative net margin of 7.14% and a positive return on equity of 6.72%. Analysts predict that CNX Resources Co. will post 2.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Stephens upgraded CNX Resources from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $35.00 to $48.00 in a research note on Tuesday, March 18th. TD Cowen initiated coverage on shares of CNX Resources in a research report on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price objective on the stock. Roth Capital set a $30.00 target price on shares of CNX Resources in a research report on Thursday, January 23rd. Morgan Stanley set a $33.00 price target on shares of CNX Resources and gave the stock an “underweight” rating in a report on Wednesday. Finally, Piper Sandler dropped their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Wednesday, January 29th. Nine investment analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $30.69.

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.