CNX Resources (NYSE:CNX) Director Sells $1,872,431.40 in Stock

CNX Resources Corporation. (NYSE:CNX) Director Bernard Lanigan, Jr. sold 46,119 shares of the company’s stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the transaction, the director owned 177,180 shares of the company’s stock, valued at approximately $7,193,508. The trade was a 20.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

CNX Resources Price Performance

Shares of CNX opened at $40.24 on Monday. The company has a current ratio of 0.44, a quick ratio of 0.41 and a debt-to-equity ratio of 0.52. The stock’s 50 day moving average is $37.64 and its two-hundred day moving average is $34.66. The firm has a market capitalization of $5.73 billion, a PE ratio of 10.93, a P/E/G ratio of 0.42 and a beta of 0.66. CNX Resources Corporation. has a twelve month low of $27.68 and a twelve month high of $42.13.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.94. The business had revenue of $610.48 million for the quarter, compared to analyst estimates of $422.65 million. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.The company’s revenue for the quarter was up 347.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.97) earnings per share. Research analysts anticipate that CNX Resources Corporation. will post 2.18 earnings per share for the current year.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors have recently added to or reduced their stakes in the company. Capital Research Global Investors raised its stake in shares of CNX Resources by 38.6% in the 3rd quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer’s stock worth $126,874,000 after buying an additional 1,100,000 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in CNX Resources by 601.8% during the third quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer’s stock worth $35,507,000 after acquiring an additional 947,931 shares during the period. Goldman Sachs Group Inc. raised its position in CNX Resources by 45.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,021,403 shares of the oil and gas producer’s stock worth $74,327,000 after acquiring an additional 633,539 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in CNX Resources by 5,262.2% in the 2nd quarter. Mackenzie Financial Corp now owns 555,473 shares of the oil and gas producer’s stock valued at $18,708,000 after acquiring an additional 545,114 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of CNX Resources by 112.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer’s stock valued at $33,932,000 after purchasing an additional 532,770 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CNX has been the subject of several recent research reports. Scotiabank reaffirmed a “sector perform” rating and set a $44.00 target price on shares of CNX Resources in a report on Wednesday, January 21st. Morgan Stanley increased their target price on CNX Resources from $31.00 to $32.00 and gave the stock an “underweight” rating in a research report on Friday, January 23rd. Mizuho boosted their price target on shares of CNX Resources from $35.00 to $43.00 and gave the company a “neutral” rating in a report on Friday, December 12th. Piper Sandler set a $26.00 price target on shares of CNX Resources in a research report on Monday, February 2nd. Finally, Barclays lifted their price objective on shares of CNX Resources from $34.00 to $35.00 and gave the company an “underweight” rating in a research report on Friday, January 30th. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus target price of $36.00.

CNX Resources Company Profile

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.