Congress Asset Management Co. Boosts Stake in CNX Resources Corporation. $CNX

Key Points

• Congress Asset Management increased its CNX Resources stake by 21.2% in the third quarter, adding 66,813 shares to hold 382,023 shares worth approximately $11.9 million.
• Institutional investors own approximately 95.16% of CNX Resources, with BlackRock, Dimensional Fund Advisors, Capital Research, and Arrowstreet among the major holders.
• Analyst sentiment remains cautious: the stock carries an average “Reduce” rating and a $35.88 price target, while CNX’s latest quarterly results beat expectations despite a 35.7% year-over-year revenue decline.

Congress Asset Management Co. boosted its position in CNX Resources Corporation. (NYSE:CNX - Free Report) by 21.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 382,023 shares of the oil and gas producer's stock after buying an additional 66,813 shares during the quarter. Congress Asset Management Co. owned approximately 0.26% of CNX Resources worth $11,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in CNX Resources in the 2nd quarter valued at about $650,689,000. Dimensional Fund Advisors LP lifted its holdings in CNX Resources by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 8,774,069 shares of the oil and gas producer's stock valued at $338,260,000 after purchasing an additional 28,851 shares during the last quarter. Capital Research Global Investors boosted its position in CNX Resources by 20.6% during the fourth quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer's stock worth $175,210,000 after purchasing an additional 815,039 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in CNX Resources by 6,057.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer's stock worth $147,988,000 after purchasing an additional 3,776,511 shares during the period. Finally, Bank of America Corp DE purchased a new position in shares of CNX Resources in the second quarter worth about $87,949,000. 95.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Truist Financial raised shares of CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price target on the stock in a research report on Wednesday, July 15th. Weiss Ratings downgraded shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Finally, Morgan Stanley reduced their price objective on shares of CNX Resources from $34.00 to $32.00 and set an "underweight" rating for the company in a research note on Monday, June 29th. Eight analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $35.88.

CNX Resources Stock Performance

Shares of CNX opened at $33.28 on Wednesday. CNX Resources Corporation. has a 52-week low of $30.77 and a 52-week high of $43.62. The stock's 50-day simple moving average is $34.99 and its 200 day simple moving average is $35.53. 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 stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 5.56 and a beta of 0.69.

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 for the quarter, beating the consensus estimate of $0.60 by $0.72. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.The firm had revenue of $618.48 million for the quarter, compared to analysts' expectations of $475.16 million. During the same period in the prior year, the business posted $2.43 earnings per share. The company's revenue was down 35.7% on a year-over-year basis. Research analysts forecast that CNX Resources Corporation. will post 3.08 EPS for the current fiscal year.

About CNX Resources

CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company's activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.

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