Algert Global LLC Acquires 89,754 Shares of CNX Resources Corporation. $CNX

Key Points

• Algert Global increased its CNX Resources stake by 14.1% in the second quarter, acquiring 89,754 shares and bringing its holdings to 725,765 shares valued at approximately $24.6 million.
• Institutional investors and hedge funds own 95.16% of CNX Resources, while analysts maintain a cautious outlook: the stock has an average “Reduce” rating and a consensus price target of $35.44.
• CNX reported quarterly EPS of $1.32, beating estimates of $0.60, and revenue of $618.5 million; however, revenue declined 35.7% year over year.

Algert Global LLC boosted its stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) by 14.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 725,765 shares of the oil and gas producer's stock after purchasing an additional 89,754 shares during the quarter. Algert Global LLC owned about 0.49% of CNX Resources worth $24,625,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of CNX Resources by 56.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock worth $30,000 after buying an additional 293 shares during the period. Farther Finance Advisors LLC increased its stake in shares of CNX Resources by 8.6% during the fourth quarter. Farther Finance Advisors LLC now owns 4,464 shares of the oil and gas producer's stock worth $164,000 after purchasing an additional 353 shares during the period. Aigen Investment Management LP increased its stake in shares of CNX Resources by 4.9% during the fourth quarter. Aigen Investment Management LP now owns 7,619 shares of the oil and gas producer's stock worth $280,000 after purchasing an additional 354 shares during the period. Arkadios Wealth Advisors lifted its holdings in CNX Resources by 3.2% during the 4th quarter. Arkadios Wealth Advisors now owns 13,028 shares of the oil and gas producer's stock worth $479,000 after purchasing an additional 400 shares during the last quarter. Finally, Petra Financial Advisors Inc. lifted its holdings in CNX Resources by 1.1% during the 1st quarter. Petra Financial Advisors Inc. now owns 55,393 shares of the oil and gas producer's stock worth $2,135,000 after purchasing an additional 621 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Weiss Ratings lowered CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Morgan Stanley dropped their target price on CNX Resources from $34.00 to $32.00 and set an "underweight" rating for the company in a report on Monday, June 29th. Truist Financial raised shares of CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 target price for the company in a research report on Wednesday, July 15th. Tudor Pickering upgraded shares of CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Finally, Mizuho decreased their price target on shares of CNX Resources from $44.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. Nine analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Reduce" and an average target price of $35.44.

CNX Resources Stock Performance

CNX opened at $36.49 on Tuesday. The firm has a market cap of $5.40 billion, a P/E ratio of 6.09 and a beta of 0.60. CNX Resources Corporation. has a 52-week low of $28.57 and a 52-week high of $43.62. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72. The business's fifty day moving average is $34.22 and its 200-day moving average is $36.80.

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

CNX Resources Company 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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