Prudential Financial Inc. Lowers Stock Holdings in CNX Resources Co. (NYSE:CNX)

Prudential Financial Inc. reduced its stake in CNX Resources Co. (NYSE:CNX) by 36.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,229 shares of the oil and gas producer’s stock after selling 71,296 shares during the period. Prudential Financial Inc.’s holdings in CNX Resources were worth $4,482,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Xponance Inc. grew its stake in CNX Resources by 2.9% in the fourth quarter. Xponance Inc. now owns 20,876 shares of the oil and gas producer’s stock worth $766,000 after purchasing an additional 588 shares in the last quarter. Principal Securities Inc. grew its holdings in CNX Resources by 38.5% during the 4th quarter. Principal Securities Inc. now owns 2,484 shares of the oil and gas producer’s stock worth $91,000 after acquiring an additional 691 shares in the last quarter. SeaBridge Investment Advisors LLC increased its position in CNX Resources by 0.8% during the 4th quarter. SeaBridge Investment Advisors LLC now owns 90,301 shares of the oil and gas producer’s stock valued at $3,311,000 after purchasing an additional 759 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of CNX Resources in the 4th quarter valued at about $39,000. Finally, Blue Trust Inc. lifted its position in shares of CNX Resources by 65.1% in the 4th quarter. Blue Trust Inc. now owns 3,246 shares of the oil and gas producer’s stock worth $119,000 after purchasing an additional 1,280 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on CNX. Raymond James raised shares of CNX Resources from an “underperform” rating to a “market perform” rating in a research note on Tuesday, February 18th. Morgan Stanley set a $33.00 price objective on CNX Resources and gave the stock an “underweight” rating in a research note on Wednesday, March 26th. Stephens upgraded CNX Resources from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $35.00 to $48.00 in a research note on Tuesday, March 18th. TD Cowen assumed coverage on shares of CNX Resources in a research report on Wednesday, January 15th. They set a “hold” rating and a $27.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price objective on shares of CNX Resources from $32.00 to $33.00 and gave the stock an “underweight” rating in a research report on Thursday, March 13th. Nine investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.69.

CNX Resources Trading Down 0.4 %

Shares of CNX Resources stock opened at $31.50 on Tuesday. The firm’s 50 day simple moving average is $29.87 and its two-hundred day simple moving average is $33.33. The firm has a market capitalization of $4.64 billion, a price-to-earnings ratio of -46.32, a PEG ratio of 0.42 and a beta of 1.26. CNX Resources Co. has a 12-month low of $22.82 and a 12-month high of $41.93. The company has a current ratio of 0.33, a quick ratio of 0.32 and a debt-to-equity ratio of 0.45.

CNX Resources (NYSE:CNX) last released its earnings results on Thursday, January 30th. The oil and gas producer reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.14. CNX Resources had a positive return on equity of 6.72% and a negative net margin of 7.14%. Analysts predict that CNX Resources Co. will post 2.18 EPS for the current year.

Insider Transactions at CNX Resources

In other CNX Resources news, major shareholder Mfn Partners, Lp sold 1,075,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $31.09, for a total transaction of $33,421,750.00. Following the completion of the transaction, the insider now directly owns 13,925,000 shares of the company’s stock, valued at approximately $432,928,250. This trade represents a 7.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 3.10% of the company’s stock.

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.