Dimensional Fund Advisors LP Decreases Position in CNX Resources Co. (NYSE:CNX)

Dimensional Fund Advisors LP reduced its stake in CNX Resources Co. (NYSE:CNX) by 5.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,984,297 shares of the oil and gas producer’s stock after selling 684,622 shares during the period. Dimensional Fund Advisors LP owned 7.82% of CNX Resources worth $291,218,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in shares of CNX Resources by 54.1% in the 2nd quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock valued at $46,000 after buying an additional 666 shares during the last quarter. Hexagon Capital Partners LLC grew its holdings in shares of CNX Resources by 113.4% during the first quarter. Hexagon Capital Partners LLC now owns 2,138 shares of the oil and gas producer’s stock worth $51,000 after purchasing an additional 1,136 shares during the last quarter. Natixis acquired a new stake in shares of CNX Resources during the first quarter worth about $79,000. Innealta Capital LLC purchased a new stake in shares of CNX Resources in the 2nd quarter valued at about $131,000. Finally, TFO Wealth Partners LLC boosted its position in shares of CNX Resources by 64,084.6% in the 4th quarter. TFO Wealth Partners LLC now owns 8,344 shares of the oil and gas producer’s stock valued at $167,000 after purchasing an additional 8,331 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insiders Place Their Bets

In related news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was acquired at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the acquisition, the director now directly owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

CNX has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price objective on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Truist Financial upped their price target on shares of CNX Resources from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Piper Sandler downgraded shares of CNX Resources from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $22.00 to $20.00 in a research report on Thursday, August 15th. Stephens reaffirmed an “equal weight” rating and issued a $27.00 target price on shares of CNX Resources in a report on Monday, July 15th. Finally, Scotiabank raised their price target on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Three research 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.13.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $28.51 on Wednesday. CNX Resources Co. has a 52 week low of $19.07 and a 52 week high of $28.56. The company has a 50-day moving average price of $26.41 and a 200 day moving average price of $24.77. The company has a market cap of $4.37 billion, a P/E ratio of 5.16 and a beta of 1.37. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, beating the consensus estimate of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The business had revenue of $321.44 million during the quarter, compared to analysts’ expectations of $387.46 million. During the same period last year, the firm earned $0.29 EPS. Research analysts predict that CNX Resources Co. will post 1.47 earnings per share for the current year.

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.