Intech Investment Management LLC Grows Position in CNX Resources Co. (NYSE:CNX)

Intech Investment Management LLC grew its holdings in shares of CNX Resources Co. (NYSE:CNX) by 200.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 194,307 shares of the oil and gas producer’s stock after purchasing an additional 129,605 shares during the quarter. Intech Investment Management LLC owned about 0.13% of CNX Resources worth $7,125,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CNX. Counterpoint Mutual Funds LLC boosted its holdings in CNX Resources by 149.6% in the 4th quarter. Counterpoint Mutual Funds LLC now owns 19,637 shares of the oil and gas producer’s stock worth $720,000 after buying an additional 11,770 shares during the period. Corient Private Wealth LLC lifted its position in shares of CNX Resources by 16.8% during the fourth quarter. Corient Private Wealth LLC now owns 51,946 shares of the oil and gas producer’s stock worth $1,903,000 after acquiring an additional 7,464 shares in the last quarter. Midwest Professional Planners LTD. boosted its holdings in shares of CNX Resources by 8.0% in the fourth quarter. Midwest Professional Planners LTD. now owns 26,361 shares of the oil and gas producer’s stock worth $967,000 after acquiring an additional 1,962 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of CNX Resources by 0.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 622,503 shares of the oil and gas producer’s stock valued at $22,827,000 after purchasing an additional 5,769 shares in the last quarter. Finally, HighTower Advisors LLC raised its stake in shares of CNX Resources by 6.9% during the 4th quarter. HighTower Advisors LLC now owns 29,168 shares of the oil and gas producer’s stock valued at $1,070,000 after purchasing an additional 1,879 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

Shares of NYSE CNX opened at $31.79 on Wednesday. The stock’s 50-day moving average is $29.64 and its 200 day moving average is $33.04. The stock has a market cap of $4.73 billion, a price-to-earnings ratio of -46.74, a P/E/G ratio of 0.42 and a beta of 1.26. CNX Resources Co. has a 1-year low of $21.07 and a 1-year high of $41.93. 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 posted its quarterly earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 EPS 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%. On average, sell-side analysts anticipate that CNX Resources Co. will post 2.18 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s 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 transaction, the insider now directly owns 13,925,000 shares in the company, valued at $432,928,250. This trade represents a 7.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Piper Sandler cut their target price on CNX Resources from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Wednesday, January 29th. Roth Capital set a $30.00 price objective on shares of CNX Resources in a research report on Thursday, January 23rd. TD Cowen assumed coverage on shares of CNX Resources in a report on Wednesday, January 15th. They set a “hold” rating and a $27.00 target price on the stock. StockNews.com cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Thursday, February 13th. Finally, Raymond James upgraded shares of CNX Resources from an “underperform” rating to a “market perform” rating in a research report on Tuesday, February 18th. 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’s stock. According to data from MarketBeat.com, CNX Resources presently has an average rating of “Hold” and a consensus price target of $30.38.

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.