BlackRock Inc. Buys New Shares in CNX Resources Corporation. $CNX

Key Points

• BlackRock acquired 19.18 million CNX Resources shares in the second quarter, valued at approximately $650.7 million, giving it a 12.96% stake. Institutional investors and hedge funds collectively own 95.16% of the company.
• CNX Resources reported quarterly earnings of $1.32 per share, beating estimates of $0.60, while revenue reached $618.5 million versus expectations of $475.2 million. However, revenue declined 35.7% year over year.
• Analyst sentiment remains cautious: nine analysts rate CNX a Hold and three rate it Sell, producing a consensus “Reduce” rating and an average price target of $35.44, below the stock’s cited $36.36 price.

BlackRock Inc. bought a new position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 19,177,390 shares of the oil and gas producer's stock, valued at approximately $650,689,000. BlackRock Inc. owned approximately 12.96% of CNX Resources as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of CNX. Northwestern Mutual Wealth Management Co. increased its stake in shares of 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 worth $3,331,000 after purchasing an additional 87,880 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of CNX Resources by 98.4% during the 1st 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 during the period. First Trust Advisors LP boosted 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 worth $37,215,000 after acquiring an additional 434,620 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in 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 valued at $147,988,000 after purchasing an additional 3,776,511 shares during the period. Finally, Dorsey Wright & Associates acquired a new position in shares of CNX Resources in the fourth quarter valued at about $5,498,000. 95.16% of the stock is owned by institutional investors and hedge funds.

CNX Resources Stock Performance

NYSE:CNX opened at $36.36 on Monday. CNX Resources Corporation. has a twelve month low of $28.45 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's 50-day simple moving average is $34.15 and its 200 day simple moving average is $36.81. The firm has a market capitalization of $5.38 billion, a PE ratio of 6.07 and a beta of 0.60.

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

Analysts Set New Price Targets

Several analysts have weighed in on CNX shares. Zacks Research cut shares of CNX Resources from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 28th. Weiss Ratings lowered shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Barclays lowered their target price on shares of CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a report on Tuesday, May 26th. Morgan Stanley cut their price target on CNX Resources from $34.00 to $32.00 and set an "underweight" rating for the company in a research note on Monday, June 29th. Finally, Tudor Pickering raised CNX Resources from a "strong sell" rating to a "hold" rating in a research report on Friday, May 8th. Nine research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $35.44.

About CNX Resources

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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