Principal Financial Group Inc. Sells 150,831 Shares of CNX Resources Co. (NYSE:CNX)

Principal Financial Group Inc. reduced its holdings in CNX Resources Co. (NYSE:CNX) by 24.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 457,637 shares of the oil and gas producer’s stock after selling 150,831 shares during the period. Principal Financial Group Inc.’s holdings in CNX Resources were worth $14,905,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of CNX. Mizuho Markets Americas LLC acquired a new stake in CNX Resources during the second quarter worth about $97,200,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of CNX Resources by 311.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 616,734 shares of the oil and gas producer’s stock worth $20,087,000 after acquiring an additional 466,694 shares during the period. American Century Companies Inc. grew its holdings in shares of CNX Resources by 12.0% during the 2nd quarter. American Century Companies Inc. now owns 3,699,186 shares of the oil and gas producer’s stock worth $89,890,000 after purchasing an additional 397,729 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of CNX Resources by 197.0% during the second quarter. Renaissance Technologies LLC now owns 466,016 shares of the oil and gas producer’s stock valued at $11,324,000 after purchasing an additional 309,100 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of CNX Resources by 12.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,860,817 shares of the oil and gas producer’s stock valued at $60,607,000 after purchasing an additional 202,890 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

CNX Resources Trading Down 0.1 %

Shares of CNX opened at $36.62 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.37. The company has a market cap of $5.47 billion, a price-to-earnings ratio of 11.52, a PEG ratio of 1.85 and a beta of 1.43. The stock has a fifty day moving average price of $37.55 and a two-hundred day moving average price of $31.11. CNX Resources Co. has a 52-week low of $19.07 and a 52-week high of $41.93.

CNX Resources (NYSE:CNX) last released its quarterly earnings results on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. The business had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. During the same period in the previous year, the business posted $0.35 earnings per share. Analysts predict that CNX Resources Co. will post 1.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CNX. Mizuho lowered shares of CNX Resources from a “neutral” rating to an “underperform” rating and boosted their price target for the company from $33.00 to $38.00 in a report on Monday, December 16th. Tudor, Pickering, Holt & Co. cut shares of CNX Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, October 1st. Piper Sandler raised their price target on shares of CNX Resources from $20.00 to $23.00 and gave the stock an “underweight” rating in a research note on Friday, December 6th. Capital One Financial lowered CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price objective on the stock. in a research note on Monday, October 14th. Finally, JPMorgan Chase & Co. downgraded CNX Resources from a “neutral” rating to an “underweight” rating and raised their target price for the stock from $31.00 to $37.00 in a research report on Thursday, December 5th. Eight investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Based on data from MarketBeat, CNX Resources presently has a consensus rating of “Reduce” and a consensus price target of $30.50.

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.