CNX Resources Corporation. $CNX Stock Position Decreased by Levin Capital Strategies L.P.

Key Points

• Levin Capital Strategies L.P. cut its stake in CNX Resources by 40.0%, selling 57,425 shares and holding 86,277 shares (about $3.17M) after the fourth quarter.
• Company insiders sold sizable positions—Director Bernard Lanigan Jr. sold 46,119 shares and Director Maureen Lally‑Green sold 23,631 shares—leaving insiders with 5.03% ownership.
• CNX beat quarterly estimates with $1.17 EPS, has a $5.61B market cap and a P/E of 10.7, but analysts' consensus is a "Reduce" rating with an average target of $35.67.

Levin Capital Strategies L.P. lessened its holdings in CNX Resources Corporation. (NYSE:CNX - Free Report) by 40.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 86,277 shares of the oil and gas producer's stock after selling 57,425 shares during the period. Levin Capital Strategies L.P. owned about 0.06% of CNX Resources worth $3,172,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. AlphaQuest LLC boosted its position in shares of CNX Resources by 5,703.1% in the third quarter. AlphaQuest LLC now owns 63,022 shares of the oil and gas producer's stock worth $2,024,000 after buying an additional 61,936 shares during the period. American Century Companies Inc. boosted its position in shares of CNX Resources by 16.3% in the third quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer's stock worth $103,954,000 after buying an additional 454,071 shares during the period. Capital Management Corp VA boosted its position in shares of CNX Resources by 9.0% in the third quarter. Capital Management Corp VA now owns 393,671 shares of the oil and gas producer's stock worth $12,645,000 after buying an additional 32,404 shares during the period. Pullen Investment Management LLC boosted its position in shares of CNX Resources by 76.3% in the fourth quarter. Pullen Investment Management LLC now owns 68,083 shares of the oil and gas producer's stock worth $2,503,000 after buying an additional 29,469 shares during the period. Finally, Capital Research Global Investors boosted its position in shares of CNX Resources by 38.6% in the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer's stock worth $126,874,000 after buying an additional 1,100,000 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

Insider Activity

In other CNX Resources news, Director Bernard Lanigan, Jr. sold 46,119 shares of the firm's stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the transaction, the director directly owned 177,180 shares in the company, valued at $7,193,508. This trade represents a 20.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Maureen Lally-Green sold 23,631 shares of the firm's stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $39.52, for a total value of $933,897.12. Following the transaction, the director owned 169,577 shares in the company, valued at approximately $6,701,683.04. This trade represents a 12.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.03% of the stock is owned by company insiders.

CNX Resources Price Performance

NYSE CNX opened at $39.39 on Thursday. CNX Resources Corporation. has a fifty-two week low of $27.72 and a fifty-two week high of $43.62. The stock's 50-day moving average is $39.88 and its two-hundred day moving average is $37.84. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.44 and a quick ratio of 0.41. The firm has a market cap of $5.61 billion, a P/E ratio of 10.70, a price-to-earnings-growth ratio of 0.29 and a beta of 0.65.

CNX Resources (NYSE:CNX - Get Free Report) last posted its earnings results on Thursday, April 30th. The oil and gas producer reported $1.17 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.36. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%. On average, analysts anticipate that CNX Resources Corporation. will post 2.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CNX has been the subject of several recent analyst reports. Truist Financial initiated coverage on CNX Resources in a research report on Tuesday, March 24th. They issued a "sell" rating and a $35.00 target price for the company. Roth Mkm set a $35.00 target price on CNX Resources and gave the stock a "neutral" rating in a research report on Thursday, January 29th. Barclays raised their target price on CNX Resources from $35.00 to $36.00 and gave the stock an "underweight" rating in a research report on Monday, March 16th. Weiss Ratings raised CNX Resources from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, February 11th. Finally, Morgan Stanley reissued an "underweight" rating on shares of CNX Resources in a research report on Friday, March 27th. One analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average target price of $35.67.

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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