Canada Pension Plan Investment Board Makes New Investment in CNX Resources Corporation. $CNX

Canada Pension Plan Investment Board acquired a new position in shares of CNX Resources Corporation. (NYSE:CNX) during the 2nd quarter, Holdings Channel reports. The fund acquired 271,800 shares of the oil and gas producer’s stock, valued at approximately $9,222,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CNX. State of Wyoming acquired a new position in CNX Resources in the second quarter valued at $29,000. Smartleaf Asset Management LLC boosted its stake in CNX Resources by 56.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer’s stock worth $30,000 after buying an additional 293 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in CNX Resources in the 4th quarter worth about $34,000. Kestra Advisory Services LLC purchased a new stake in CNX Resources in the 4th quarter valued at about $50,000. Finally, Highlander Partners L.P. purchased a new stake in CNX Resources in the 4th quarter valued at about $56,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Performance

NYSE CNX opened at $36.19 on Friday. The firm has a market capitalization of $5.35 billion, a P/E ratio of 6.04 and a beta of 0.60. CNX Resources Corporation. has a 1-year low of $28.70 and a 1-year high of $43.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67. The business’s 50-day simple moving average is $34.47 and its 200-day simple moving average is $36.73.

CNX Resources (NYSE:CNX) last issued its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.72. The business had revenue of $618.48 million during the quarter, compared to analysts’ expectations of $475.16 million. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.The company’s revenue for the quarter was down 35.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.43 EPS. Equities analysts predict that CNX Resources Corporation. will post 3.08 EPS for the current year.

Wall Street Analyst Weigh In

CNX has been the subject of a number of research analyst reports. Truist Financial raised shares of CNX Resources from a “sell” rating to a “hold” rating and set a $35.00 price objective for the company in a research note on Wednesday, July 15th. Morgan Stanley lowered their target price on shares of CNX Resources from $34.00 to $32.00 and set an “underweight” rating for the company in a report on Monday, June 29th. Tudor Pickering raised shares of CNX Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, May 8th. Weiss Ratings downgraded shares of CNX Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Finally, Barclays lowered their price objective on shares of CNX Resources from $36.00 to $35.00 and set an “underweight” rating for the company in a research note on Tuesday, May 26th. Nine investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $35.44.

About CNX Resources

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.