Clearbridge Investments LLC Trims Position in CNX Resources Co. (NYSE:CNX)

Clearbridge Investments LLC lessened its stake in shares of CNX Resources Co. (NYSE:CNX) by 2.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 573,246 shares of the oil and gas producer’s stock after selling 13,759 shares during the quarter. Clearbridge Investments LLC’s holdings in CNX Resources were worth $13,930,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Pullen Investment Management LLC grew its holdings in CNX Resources by 2.3% during the 2nd quarter. Pullen Investment Management LLC now owns 27,399 shares of the oil and gas producer’s stock valued at $666,000 after buying an additional 623 shares in the last quarter. GAMMA Investing LLC grew its holdings in CNX Resources by 54.1% during 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 in the last quarter. Riverwater Partners LLC grew its holdings in shares of CNX Resources by 1.0% during the first quarter. Riverwater Partners LLC now owns 65,673 shares of the oil and gas producer’s stock worth $1,558,000 after purchasing an additional 676 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in shares of CNX Resources by 3.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 29,307 shares of the oil and gas producer’s stock worth $712,000 after purchasing an additional 941 shares in the last quarter. Finally, Congress Asset Management Co. MA grew its holdings in shares of CNX Resources by 0.4% during the fourth quarter. Congress Asset Management Co. MA now owns 265,558 shares of the oil and gas producer’s stock worth $5,311,000 after purchasing an additional 945 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

CNX Resources Price Performance

Shares of CNX Resources stock opened at $34.09 on Friday. The company has a quick ratio of 0.40, a current ratio of 0.41 and a debt-to-equity ratio of 0.46. The company has a market cap of $5.22 billion, a PE ratio of 6.18 and a beta of 1.38. The business has a 50 day moving average of $27.87 and a 200 day moving average of $25.62. CNX Resources Co. has a 52 week low of $19.07 and a 52 week high of $34.35.

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, beating analysts’ consensus estimates of $0.27 by $0.09. The company had revenue of $321.44 million during the quarter, compared to the consensus estimate of $387.46 million. CNX Resources had a return on equity of 7.51% and a net margin of 26.64%. During the same quarter in the prior year, the company earned $0.29 earnings per share. As a group, equities research analysts forecast that CNX Resources Co. will post 1.44 earnings per share for the current year.

Analyst Ratings Changes

CNX has been the subject of several recent analyst reports. BMO Capital Markets boosted their price objective on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a report on Friday. JPMorgan Chase & Co. boosted their price objective on CNX Resources from $26.00 to $27.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Scotiabank boosted their price objective on CNX Resources from $25.00 to $27.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Tudor, Pickering, Holt & Co. lowered CNX Resources from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Tudor Pickering raised CNX Resources to a “strong sell” rating in a research note on Tuesday. Five analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, CNX Resources currently has an average rating of “Hold” and a consensus target price of $27.22.

Insider Activity at CNX Resources

In other CNX Resources news, Director Bernard Lanigan, Jr. bought 75,000 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was bought at an average price of $26.81 per share, for a total transaction of $2,010,750.00. Following the completion of the acquisition, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.10% of the stock is owned by corporate 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.