Kestrel Investment Management Corp Lowers Stake in CNX Resources Co. (NYSE:CNX)

Kestrel Investment Management Corp lessened its position in shares of CNX Resources Co. (NYSE:CNX) by 16.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 212,450 shares of the oil and gas producer’s stock after selling 40,800 shares during the quarter. CNX Resources comprises approximately 2.9% of Kestrel Investment Management Corp’s holdings, making the stock its 16th largest position. Kestrel Investment Management Corp’s holdings in CNX Resources were worth $4,249,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in CNX. Southeastern Asset Management Inc. TN grew its position in CNX Resources by 19.9% during the first quarter. Southeastern Asset Management Inc. TN now owns 13,758,674 shares of the oil and gas producer’s stock valued at $220,414,000 after acquiring an additional 2,279,108 shares during the period. State Street Corp grew its position in CNX Resources by 15.6% during the first quarter. State Street Corp now owns 13,033,827 shares of the oil and gas producer’s stock valued at $270,061,000 after acquiring an additional 1,760,214 shares during the period. Vanguard Group Inc. grew its position in CNX Resources by 10.5% during the third quarter. Vanguard Group Inc. now owns 18,448,774 shares of the oil and gas producer’s stock valued at $286,510,000 after acquiring an additional 1,758,826 shares during the period. Renaissance Technologies LLC grew its position in CNX Resources by 2,477.3% during the first quarter. Renaissance Technologies LLC now owns 1,513,616 shares of the oil and gas producer’s stock valued at $31,362,000 after acquiring an additional 1,454,887 shares during the period. Finally, Morgan Stanley grew its position in CNX Resources by 64.1% during the third quarter. Morgan Stanley now owns 2,389,343 shares of the oil and gas producer’s stock valued at $53,951,000 after acquiring an additional 933,493 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Stock Up 1.4 %

CNX traded up $0.32 on Friday, reaching $24.02. The company’s stock had a trading volume of 2,013,326 shares, compared to its average volume of 2,966,391. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 2.64 and a beta of 1.33. CNX Resources Co. has a 1 year low of $14.36 and a 1 year high of $24.82. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.51 and a quick ratio of 0.49. The business’s 50 day moving average is $22.16 and its 200 day moving average is $21.35.

CNX Resources (NYSE:CNX) last issued its quarterly earnings results on Thursday, January 25th. The oil and gas producer reported $2.89 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $2.59. CNX Resources had a return on equity of 9.00% and a net margin of 50.34%. The firm had revenue of $999.50 million during the quarter, compared to the consensus estimate of $401.62 million. During the same quarter in the prior year, the business posted $1.64 earnings per share. CNX Resources’s revenue for the quarter was down 38.9% on a year-over-year basis. As a group, research analysts forecast that CNX Resources Co. will post 1.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CNX. Mizuho upped their target price on CNX Resources from $24.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Piper Sandler upped their target price on CNX Resources from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Friday. Scotiabank upped their target price on CNX Resources from $20.00 to $25.00 and gave the stock a “sector underperform” rating in a research report on Thursday, April 11th. Truist Financial upped their target price on CNX Resources from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Finally, Roth Mkm upped their target price on CNX Resources from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 2nd. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $24.43.

Insider Buying and Selling at CNX Resources

In other CNX Resources news, EVP Timothy Scott Bedard sold 1,226 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $20.83, for a total transaction of $25,537.58. Following the sale, the executive vice president now owns 67,982 shares in the company, valued at $1,416,065.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.10% of the stock is currently 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.