Bank of New York Mellon Corp Makes New Investment in CNX Resources Corporation. $CNX

Key Points

• Bank of New York Mellon acquired 1.22 million CNX Resources shares worth approximately $41.4 million, representing about 0.83% of the company. Institutional investors collectively own 95.16% of CNX shares.
• CNX Resources reported quarterly EPS of $1.32, exceeding the $0.60 consensus estimate, while revenue reached $618.5 million. However, revenue declined 35.7% year over year.
• Analyst sentiment remains cautious: the stock has an average “Reduce” rating, with nine Holds and three Sells and a consensus price target of $35.44 versus a recent price of $36.19.

Bank of New York Mellon Corp bought a new stake in CNX Resources Corporation. (NYSE:CNX - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,221,089 shares of the oil and gas producer's stock, valued at approximately $41,432,000. Bank of New York Mellon Corp owned approximately 0.83% of CNX Resources as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. State of Wyoming acquired a new stake in CNX Resources in the second quarter valued at $29,000. Smartleaf Asset Management LLC grew its holdings in 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 acquiring an additional 293 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in CNX Resources during the 4th quarter worth $34,000. Kestra Advisory Services LLC bought a new stake in shares of CNX Resources in the 4th quarter worth about $50,000. Finally, Highlander Partners L.P. bought a new stake in shares of CNX Resources in the 4th quarter worth about $56,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

CNX Resources Price Performance

Shares of NYSE CNX opened at $36.19 on Friday. CNX Resources Corporation. has a 1-year low of $28.70 and a 1-year high of $43.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67. The business's fifty day moving average price is $34.47 and its two-hundred day moving average price is $36.73. The firm has a market capitalization of $5.35 billion, a PE ratio of 6.04 and a beta of 0.60.

CNX Resources (NYSE:CNX - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.72. The company had revenue of $618.48 million during the quarter, compared to the consensus estimate 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 quarter in the previous year, the company posted $2.43 earnings per share. On average, research analysts expect that CNX Resources Corporation. will post 3.08 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Weiss Ratings cut shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Morgan Stanley lowered their price objective on CNX Resources from $34.00 to $32.00 and set an "underweight" rating for the company in a report on Monday, June 29th. Mizuho cut their price objective on CNX Resources from $44.00 to $42.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 27th. Tudor Pickering upgraded CNX Resources from a "strong sell" rating to a "hold" rating in a research report on Friday, May 8th. Finally, Barclays decreased their target price on CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a research report on Tuesday, May 26th. Nine research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, CNX Resources has an average rating of "Reduce" and a consensus target price of $35.44.

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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