Bank of Montreal Can Increases Position in CNX Resources Co. (NYSE:CNX)

Bank of Montreal Can raised its position in shares of CNX Resources Co. (NYSE:CNX) by 2.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 233,515 shares of the oil and gas producer’s stock after buying an additional 5,797 shares during the period. Bank of Montreal Can’s holdings in CNX Resources were worth $5,686,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Mizuho Markets Americas LLC acquired a new position in CNX Resources during the 2nd quarter worth about $97,200,000. American Century Companies Inc. increased its stake in CNX Resources by 12.0% during the second 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 during the period. Renaissance Technologies LLC increased its stake in 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 worth $11,324,000 after purchasing an additional 309,100 shares during the period. LSV Asset Management lifted its position in shares of CNX Resources by 18.0% during the first quarter. LSV Asset Management now owns 1,757,121 shares of the oil and gas producer’s stock worth $41,679,000 after purchasing an additional 267,768 shares in the last quarter. Finally, Quantbot Technologies LP boosted its stake in shares of CNX Resources by 533.4% in the first quarter. Quantbot Technologies LP now owns 286,480 shares of the oil and gas producer’s stock valued at $6,795,000 after purchasing an additional 241,250 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at CNX Resources

In other 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 purchased at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the transaction, the director now directly owns 401,820 shares in the company, valued at $10,772,794.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on CNX shares. Truist Financial upped their price objective on CNX Resources from $31.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday. JPMorgan Chase & Co. increased their price target on CNX Resources from $26.00 to $27.00 and gave the company a “neutral” rating in a research 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 research report on Tuesday, August 20th. Piper Sandler cut shares of CNX Resources from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $22.00 to $20.00 in a report on Thursday, August 15th. Finally, Stephens reiterated an “equal weight” rating and set a $27.00 price target on shares of CNX Resources in a report on Monday, July 15th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $27.00.

CNX Resources Stock Performance

Shares of CNX opened at $32.57 on Tuesday. 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 Co. has a 52-week low of $19.07 and a 52-week high of $32.75. The stock has a 50 day moving average price of $27.38 and a 200 day moving average price of $25.43. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 5.90 and a beta of 1.37.

CNX Resources (NYSE:CNX) last posted 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. CNX Resources had a net margin of 26.64% and a return on equity of 7.51%. The firm had revenue of $321.44 million for the quarter, compared to the consensus estimate of $387.46 million. During the same period last year, the firm posted $0.29 EPS. Research analysts predict that CNX Resources Co. will post 1.44 EPS for the current fiscal year.

CNX Resources Company 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.