Wallace Capital Management Inc. Cuts Stock Position in CNX Resources Co. (NYSE:CNX)

Wallace Capital Management Inc. lowered its stake in CNX Resources Co. (NYSE:CNX) by 1.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 446,642 shares of the oil and gas producer’s stock after selling 5,630 shares during the quarter. CNX Resources makes up 1.4% of Wallace Capital Management Inc.’s portfolio, making the stock its 16th biggest position. Wallace Capital Management Inc.’s holdings in CNX Resources were worth $10,853,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Parkwood LLC grew its stake in shares of CNX Resources by 11.2% in the 4th quarter. Parkwood LLC now owns 490,435 shares of the oil and gas producer’s stock worth $9,809,000 after buying an additional 49,278 shares during the last quarter. QRG Capital Management Inc. boosted its stake in CNX Resources by 13.8% during the 2nd quarter. QRG Capital Management Inc. now owns 190,498 shares of the oil and gas producer’s stock valued at $4,629,000 after purchasing an additional 23,069 shares during the last quarter. Duality Advisers LP boosted its stake in CNX Resources by 61.1% during the 1st quarter. Duality Advisers LP now owns 131,196 shares of the oil and gas producer’s stock valued at $3,112,000 after purchasing an additional 49,741 shares during the last quarter. Boston Partners purchased a new stake in CNX Resources during the 1st quarter valued at $951,000. Finally, Moloney Securities Asset Management LLC purchased a new stake in CNX Resources during the 1st quarter valued at $986,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In other CNX Resources news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the business’s stock in a transaction on 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 purchase, the director now owns 401,820 shares of the company’s stock, valued at approximately $10,772,794.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.10% of the stock is currently owned by company insiders.

CNX Resources Price Performance

Shares of CNX Resources stock opened at $31.49 on Monday. CNX Resources Co. has a one year low of $19.07 and a one year high of $32.26. The stock’s fifty day moving average is $27.25 and its 200 day moving average is $25.36. The stock has a market cap of $4.83 billion, a P/E ratio of 5.70 and a beta of 1.37. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.40 and a current ratio of 0.41.

CNX Resources (NYSE:CNX) last announced its earnings results on Thursday, July 25th. The oil and gas producer reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.09. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. The company had revenue of $321.44 million for the quarter, compared to analysts’ expectations of $387.46 million. During the same period last year, the firm earned $0.29 EPS. Sell-side analysts anticipate that CNX Resources Co. will post 1.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Stephens reiterated an “equal weight” rating and set a $27.00 target price on shares of CNX Resources in a research note on Monday, July 15th. StockNews.com cut CNX Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 3rd. Scotiabank increased their price target on CNX Resources from $25.00 to $27.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Truist Financial increased their price target on CNX Resources from $30.00 to $31.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, Mizuho increased their price target on CNX Resources from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Monday, September 16th. Three equities 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 company’s stock. Based on data from MarketBeat.com, CNX Resources has an average rating of “Hold” and a consensus target price of $26.13.

CNX Resources Profile

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.