41,484 Shares in CNX Resources Corporation. $CNX Purchased by Great Lakes Advisors LLC

Key Points

• Great Lakes Advisors acquired 41,484 shares of CNX Resources in the second quarter, worth approximately $2.36 million. Institutional investors collectively own 95.16% of the company.
• CNX reported quarterly earnings of $1.32 per share, beating the $0.60 analyst consensus, while revenue of $618.5 million exceeded estimates but declined 35.7% year over year.
• Analyst sentiment remains cautious: nine analysts rate CNX a Hold and three rate it Sell, resulting in a consensus “Reduce” rating and an average price target of $35.44, below the stock’s $36.36 opening price.

Great Lakes Advisors LLC acquired a new position in CNX Resources Corporation. (NYSE:CNX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 41,484 shares of the oil and gas producer's stock, valued at approximately $2,355,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its stake in CNX Resources by 3,227.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 90,603 shares of the oil and gas producer's stock valued at $3,331,000 after purchasing an additional 87,880 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of CNX Resources by 98.4% in the first quarter. Principal Financial Group Inc. now owns 579,120 shares of the oil and gas producer's stock worth $22,325,000 after buying an additional 287,240 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of CNX Resources by 6,057.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer's stock worth $147,988,000 after buying an additional 3,776,511 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of CNX Resources by 81.9% during the first quarter. First Trust Advisors LP now owns 965,371 shares of the oil and gas producer's stock valued at $37,215,000 after buying an additional 434,620 shares during the last quarter. Finally, Dorsey Wright & Associates purchased a new stake in shares of CNX Resources during the fourth quarter valued at approximately $5,498,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

CNX Resources Trading Down 0.3%

CNX Resources stock opened at $36.36 on Friday. CNX Resources Corporation. has a 12-month low of $28.45 and a 12-month high of $43.62. The firm has a market capitalization of $5.38 billion, a price-to-earnings ratio of 6.07 and a beta of 0.60. The firm has a 50 day moving average of $34.15 and a 200 day moving average of $36.82. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.72. The business had revenue of $618.48 million during the quarter, compared to analyst estimates of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The company's revenue was down 35.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.43 earnings per share. As a group, research analysts predict that CNX Resources Corporation. will post 3.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Tudor Pickering upgraded shares of CNX Resources from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. Mizuho lowered their price target on CNX Resources from $44.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. Barclays dropped their price objective on CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a research report on Tuesday, May 26th. Truist Financial upgraded CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price objective for the company in a report on Wednesday, July 15th. Finally, Zacks Research cut shares of CNX Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Nine equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $35.44.

CNX Resources Profile

CNX Resources Corporation is a natural gas and natural gas liquids producer with operations concentrated in the Appalachian Basin. Established as an independent, publicly traded entity in 2018 following its spinoff from Consol Energy, the company focuses on the exploration, development and production of hydrocarbon resources in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio.

In addition to its upstream activities, CNX Resources has invested in midstream infrastructure through its subsidiary that gathers, processes and transports natural gas.

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