Peregrine Capital Management LLC Reduces Stake in CNX Resources Co. (NYSE:CNX)

Peregrine Capital Management LLC lessened its stake in shares of CNX Resources Co. (NYSE:CNX) by 33.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,412 shares of the oil and gas producer’s stock after selling 83,962 shares during the quarter. Peregrine Capital Management LLC’s holdings in CNX Resources were worth $6,102,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CNX. Sequoia Financial Advisors LLC boosted its position in shares of CNX Resources by 3.5% in the third quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock valued at $428,000 after acquiring an additional 442 shares during the period. Principal Securities Inc. increased its holdings in CNX Resources by 38.5% during the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after acquiring an additional 691 shares during the period. SeaBridge Investment Advisors LLC lifted its stake in CNX Resources by 0.8% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock worth $3,311,000 after purchasing an additional 759 shares in the last quarter. CWM LLC boosted its holdings in CNX Resources by 77.0% in the 3rd quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares during the period. Finally, 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 valued at $64,000 after purchasing an additional 1,131 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Stock Performance

NYSE CNX opened at $30.50 on Wednesday. The firm has a market cap of $4.54 billion, a price-to-earnings ratio of -44.84, a PEG ratio of 0.39 and a beta of 1.38. The company has a 50-day simple moving average of $32.09 and a two-hundred day simple moving average of $32.57. The company has a quick ratio of 0.32, a current ratio of 0.33 and a debt-to-equity ratio of 0.45. CNX Resources Co. has a 12-month low of $19.58 and a 12-month high of $41.93.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. On average, equities analysts forecast that CNX Resources Co. will post 2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CNX. Piper Sandler lowered their price objective on CNX Resources from $23.00 to $22.00 and set an “underweight” rating on the stock in a research report on Wednesday, January 29th. JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $31.00 to $37.00 in a research report on Thursday, December 5th. Stephens upped their price objective on shares of CNX Resources from $26.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, October 25th. StockNews.com lowered shares of CNX Resources from a “hold” rating to a “sell” rating in a research report on Thursday, February 13th. Finally, TD Cowen started coverage on shares of CNX Resources in a report on Wednesday, January 15th. They issued a “hold” rating and a $27.00 price target on the stock. Nine research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat, CNX Resources presently has a consensus rating of “Reduce” and an average price target of $29.67.

Insider Buying and Selling

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

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.