Pitcairn Co. Sells 5,630 Shares of CNX Resources Co. (NYSE:CNX)

Pitcairn Co. reduced its holdings in CNX Resources Co. (NYSE:CNX) by 20.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 22,232 shares of the oil and gas producer’s stock after selling 5,630 shares during the period. Pitcairn Co.’s holdings in CNX Resources were worth $724,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CNX. Natixis bought a new position in CNX Resources during the 1st quarter valued at about $79,000. Price T Rowe Associates Inc. MD increased its holdings in CNX Resources by 5.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 112,259 shares of the oil and gas producer’s stock valued at $2,663,000 after buying an additional 5,975 shares during the period. Paloma Partners Management Co purchased a new stake in CNX Resources during the first quarter worth $229,000. Caxton Associates LP purchased a new position in shares of CNX Resources in the 1st quarter valued at $710,000. Finally, Bayesian Capital Management LP purchased a new stake in shares of CNX Resources during the 1st quarter worth $1,390,000. 95.16% of the stock is owned by institutional investors.

CNX Resources Trading Up 1.1 %

Shares of NYSE:CNX opened at $41.09 on Monday. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. CNX Resources Co. has a 12-month low of $19.07 and a 12-month high of $41.17. The business has a 50 day moving average of $35.00 and a two-hundred day moving average of $28.92. The company has a market capitalization of $6.13 billion, a PE ratio of 12.92, a PEG ratio of 1.97 and a beta of 1.37.

CNX Resources (NYSE:CNX) last posted its earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. During the same period in the previous year, the business posted $0.35 EPS. As a group, analysts forecast that CNX Resources Co. will post 1.53 EPS for the current year.

Insiders Place Their Bets

In other CNX Resources news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was purchased at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the purchase, the director now directly owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 22.95 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 3.10% of the company’s stock.

Analyst Upgrades and Downgrades

CNX has been the topic of a number of recent analyst reports. Truist Financial cut shares of CNX Resources from a “buy” rating to a “hold” rating and lowered their price target for the company from $38.00 to $34.00 in a report on Monday, October 28th. JPMorgan Chase & Co. decreased their price target on CNX Resources from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Wednesday, October 30th. BMO Capital Markets lifted their target price on shares of CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research note on Friday, October 4th. StockNews.com downgraded shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 3rd. Finally, Capital One Financial downgraded CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target on the stock. in a research note on Monday, October 14th. Six investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $29.00.

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.