CNX Resources Co. (NYSE:CNX) Major Shareholder Sells $33,421,750.00 in Stock

CNX Resources Co. (NYSE:CNX) major shareholder Mfn Partners, Lp sold 1,075,000 shares of CNX Resources stock in a transaction 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 transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

CNX Resources Stock Performance

CNX Resources stock opened at $30.01 on Friday. CNX Resources Co. has a 1 year low of $19.07 and a 1 year high of $41.93. The company’s 50-day moving average is $37.23 and its two-hundred day moving average is $31.68. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46. The company has a market cap of $4.48 billion, a PE ratio of 9.44, a PEG ratio of 1.85 and a beta of 1.42.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. The firm had revenue of $424.21 million for 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 last year, the firm earned $0.35 earnings per share. Equities analysts anticipate that CNX Resources Co. will post 1.54 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Tudor Pickering raised shares of CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Tudor, Pickering, Holt & Co. cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Capital One Financial lowered CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target on the stock. in a research report on Monday, October 14th. Truist Financial lifted 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, Morgan Stanley initiated coverage on CNX Resources in a report on Friday. They set an “underweight” rating and a $29.00 target price on the stock. Nine research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $30.36.

Institutional Investors Weigh In On CNX Resources

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in shares of CNX Resources by 135.4% during the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after buying an additional 1,131 shares during the period. CWM LLC boosted its stake in CNX Resources by 77.0% during the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock worth $70,000 after acquiring an additional 935 shares during the last quarter. GAMMA Investing LLC grew its holdings in CNX Resources by 62.1% during the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock valued at $100,000 after purchasing an additional 1,177 shares during the period. Atomi Financial Group Inc. bought a new stake in CNX Resources in the third quarter valued at approximately $202,000. Finally, Oppenheimer Asset Management Inc. acquired a new stake in CNX Resources in the third quarter worth $205,000. 95.16% of the stock is owned by institutional investors and hedge funds.

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.