Bank of America Corp DE Invests $87.95 Million in CNX Resources Corporation. $CNX

Key Points

• Bank of America acquired a new 2.59 million-share stake in CNX Resources valued at approximately $87.95 million, representing about 1.75% of the company. Institutional investors collectively own 95.16% of CNX’s outstanding shares.
• Analyst sentiment remains cautious: eight analysts rate CNX a Hold and three rate it Sell, producing an average rating of “Reduce” and an average price target of $35.88.
• CNX reported quarterly EPS of $1.32, exceeding the $0.60 consensus estimate, while revenue of $618.48 million also topped expectations. However, revenue declined 35.7% year over year, and the stock recently opened at $32.91.

Bank of America Corp DE purchased a new stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,592,083 shares of the oil and gas producer's stock, valued at approximately $87,949,000. Bank of America Corp DE owned about 1.75% of CNX Resources at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of CNX Resources during the second quarter valued at about $650,689,000. Dimensional Fund Advisors LP grew its holdings in shares of CNX Resources by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,774,069 shares of the oil and gas producer's stock worth $338,260,000 after acquiring an additional 28,851 shares during the period. Capital Research Global Investors raised its position in shares of CNX Resources by 20.6% in the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer's stock worth $175,210,000 after acquiring an additional 815,039 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of CNX Resources by 6,057.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer's stock worth $147,988,000 after acquiring an additional 3,776,511 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of CNX Resources in the 2nd quarter valued at approximately $41,432,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CNX shares. Barclays lowered their target price on shares of CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a report on Tuesday, May 26th. Truist Financial raised CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 target price on the stock in a report on Wednesday, July 15th. Morgan Stanley cut their target price on CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a research note on Monday, June 29th. Weiss Ratings lowered CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Finally, Mizuho cut their price target on shares of CNX Resources from $44.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. Eight equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Reduce" and an average price target of $35.88.

CNX Resources Stock Down 1.8%

CNX stock opened at $32.91 on Friday. CNX Resources Corporation. has a twelve month low of $29.22 and a twelve month high of $43.62. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.46. The stock has a market cap of $4.87 billion, a P/E ratio of 5.49 and a beta of 0.61. The business's 50-day moving average price is $35.29 and its 200-day moving average price is $36.35.

CNX Resources (NYSE:CNX - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.60 by $0.72. The firm had revenue of $618.48 million during the quarter, compared to analysts' expectations 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 for the quarter was down 35.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.43 earnings per share. On average, equities research analysts forecast that CNX Resources Corporation. will post 3.08 EPS for the current year.

About CNX Resources

CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas, primarily from unconventional shale formations, with operations concentrated in the Marcellus and Utica shale regions.

CNX's activities include acquiring, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure assets used to transport production to market.

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