Mfn Partners, Lp Sells 1,075,000 Shares of CNX Resources Co. (NYSE:CNX) Stock

CNX Resources Co. (NYSE:CNX) major shareholder Mfn Partners, Lp sold 1,075,000 shares of the business’s stock in a transaction 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 owns 13,925,000 shares in the company, valued at approximately $432,928,250. The trade was a 7.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

CNX Resources Trading Up 2.3 %

NYSE:CNX opened at $31.20 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.37 and a quick ratio of 0.36. CNX Resources Co. has a one year low of $19.07 and a one year high of $41.93. The company has a market cap of $4.66 billion, a PE ratio of 9.81, a PEG ratio of 1.85 and a beta of 1.42. The firm has a 50-day moving average of $37.23 and a 200-day moving average of $31.68.

CNX Resources (NYSE:CNX) last issued its quarterly earnings data on Thursday, October 24th. The oil and gas producer reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.09. The firm had revenue of $424.21 million during the quarter, compared to analyst estimates of $398.33 million. CNX Resources had a return on equity of 7.54% and a net margin of 27.79%. During the same period in the previous year, the company posted $0.35 EPS. As a group, equities research analysts expect that CNX Resources Co. will post 1.54 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on CNX. BMO Capital Markets lifted their price objective on CNX Resources from $26.00 to $29.00 and gave the stock a “market perform” rating in a research report on Friday, October 4th. Bank of America started coverage on CNX Resources in a report on Monday, October 28th. They issued an “underperform” rating and a $34.00 target price for the company. Capital One Financial cut CNX Resources from an “overweight” rating to an “equal weight” rating and set a $25.00 price target on the stock. in a report on Monday, October 14th. Tudor Pickering upgraded shares of CNX Resources to a “strong sell” rating in a research note on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered shares of CNX Resources from a “neutral” rating to an “underweight” rating and increased their target price for the stock from $31.00 to $37.00 in a research note on Thursday, December 5th. Eight analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, CNX Resources currently has a consensus rating of “Reduce” and an average target price of $30.50.

Institutional Investors Weigh In On CNX Resources

A number of institutional investors and hedge funds have recently bought and sold shares of CNX. Blue Trust Inc. boosted its holdings in CNX Resources by 135.4% during the 3rd quarter. Blue Trust Inc. now owns 1,966 shares of the oil and gas producer’s stock worth $64,000 after acquiring an additional 1,131 shares during the last quarter. CWM LLC lifted its position 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 in the last quarter. GAMMA Investing LLC boosted its holdings in CNX Resources by 62.1% during the third quarter. GAMMA Investing LLC now owns 3,073 shares of the oil and gas producer’s stock worth $100,000 after purchasing an additional 1,177 shares during the last quarter. Atomi Financial Group Inc. bought a new stake in CNX Resources in the 3rd quarter worth about $202,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in CNX Resources in the 3rd quarter worth about $205,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.