The Manufacturers Life Insurance Company Cuts Holdings in CNX Resources Co. (NYSE:CNX)

The Manufacturers Life Insurance Company lowered its holdings in CNX Resources Co. (NYSE:CNX) by 2.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 176,647 shares of the oil and gas producer’s stock after selling 4,427 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in CNX Resources were worth $5,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of CNX. Sequoia Financial Advisors LLC increased its holdings in CNX Resources by 3.5% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 13,135 shares of the oil and gas producer’s stock worth $428,000 after buying an additional 442 shares in the last quarter. Pullen Investment Management LLC boosted its holdings in shares of 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 acquiring an additional 623 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of CNX Resources by 54.1% in the second quarter. GAMMA Investing LLC now owns 1,896 shares of the oil and gas producer’s stock worth $46,000 after acquiring an additional 666 shares during the period. CWM LLC raised its holdings in shares of CNX Resources by 77.0% during the third quarter. CWM LLC now owns 2,149 shares of the oil and gas producer’s stock valued at $70,000 after purchasing an additional 935 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in 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 valued at $712,000 after purchasing an additional 941 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CNX shares. Bank of America assumed coverage on shares of CNX Resources in a research report on Monday, October 28th. They issued an “underperform” rating and a $34.00 target price for the company. Tudor Pickering raised CNX Resources to a “strong sell” rating in a report on Tuesday, October 1st. Mizuho increased their target price on CNX Resources from $32.00 to $33.00 and gave the company a “neutral” rating in a report on Monday, October 14th. BMO Capital Markets boosted their price target on CNX Resources from $26.00 to $29.00 and gave the company a “market perform” rating in a research note on Friday, October 4th. Finally, Truist Financial lowered shares of CNX Resources from a “buy” rating to a “hold” rating and reduced their price target for the company from $38.00 to $34.00 in a research report on Monday, October 28th. Seven investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, CNX Resources currently has an average rating of “Reduce” and a consensus target price of $29.60.

CNX Resources Trading Down 0.1 %

Shares of NYSE:CNX opened at $38.20 on Friday. The stock has a 50 day moving average of $36.57 and a 200 day moving average of $29.78. The company has a market cap of $5.70 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.93 and a beta of 1.43. CNX Resources Co. has a 12-month low of $19.07 and a 12-month high of $41.93. The company has a current ratio of 0.37, a quick ratio of 0.36 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. CNX Resources had a net margin of 27.79% and a return on equity of 7.54%. The firm had revenue of $424.21 million during the quarter, compared to analysts’ expectations of $398.33 million. During the same period in the prior year, the company posted $0.35 earnings per share. As a group, equities research analysts expect that CNX Resources Co. will post 1.53 EPS for the current year.

Insiders Place Their Bets

In other CNX Resources news, Director Bernard Lanigan, Jr. purchased 75,000 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were bought at an average cost of $26.81 per share, with a total value of $2,010,750.00. Following the acquisition, the director now owns 401,820 shares in the company, valued at approximately $10,772,794.20. This trade represents a 22.95 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is currently owned by company insiders.

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.