Amalgamated Bank Cuts Stock Holdings in CNX Resources Co. (NYSE:CNX)

Amalgamated Bank lowered its position in shares of CNX Resources Co. (NYSE:CNX) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,189 shares of the oil and gas producer’s stock after selling 1,132 shares during the period. Amalgamated Bank’s holdings in CNX Resources were worth $2,500,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Congress Asset Management Co. increased its holdings in shares of CNX Resources by 7.2% in the 4th quarter. Congress Asset Management Co. now owns 266,447 shares of the oil and gas producer’s stock worth $9,771,000 after purchasing an additional 17,951 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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 buying an additional 202,890 shares in the last quarter. World Investment Advisors LLC purchased a new position in CNX Resources in the 3rd quarter worth about $534,000. Convergence Investment Partners LLC bought a new position in CNX Resources during the 4th quarter valued at about $1,556,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of CNX Resources by 311.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock valued at $20,087,000 after acquiring an additional 466,694 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CNX has been the subject of several research reports. Piper Sandler decreased their price objective on shares of CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a report on Wednesday, January 29th. Roth Capital set a $30.00 target price on shares of CNX Resources in a research note on Thursday, January 23rd. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and raised their price target for the stock from $31.00 to $37.00 in a research note on Thursday, December 5th. Truist Financial upped their price objective on CNX Resources from $34.00 to $35.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Finally, Raymond James raised CNX Resources from an “underperform” rating to a “market perform” rating in a research report on Tuesday, February 18th. Nine analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat, CNX Resources has an average rating of “Reduce” and a consensus target price of $29.69.

CNX Resources Price Performance

NYSE CNX opened at $28.91 on Friday. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of -42.51, a PEG ratio of 0.42 and a beta of 1.38. CNX Resources Co. has a 12 month low of $20.76 and a 12 month high of $41.93. The company’s 50 day moving average is $30.94 and its two-hundred day moving average is $32.76. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates 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%. As a group, research analysts anticipate that CNX Resources Co. will post 2.18 earnings per share for the current year.

Insider Activity

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the sale, the insider now owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 3.10% of the company’s stock.

About CNX Resources

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.