Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 167,132 CNX Resources Corporation. $CNX

Key Points

• Connor Clark & Lunn Investment Management acquired 167,132 CNX Resources shares worth approximately $5.67 million, while institutional investors collectively own 95.16% of the company.
• CNX Resources beat quarterly earnings expectations, reporting $1.32 in EPS versus the $0.60 consensus estimate and $618.48 million in revenue, though revenue declined 35.7% year over year.
• CNX shares opened at $36.11, above the analyst consensus price target of $35.44. Analysts maintain a consensus “Reduce” rating, with nine Holds and three Sells.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 167,132 shares of the oil and gas producer's stock, valued at approximately $5,671,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.11% of CNX Resources at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of CNX Resources in the second quarter valued at about $650,689,000. Arrowstreet Capital Limited Partnership lifted its position in CNX Resources by 6,057.8% during 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. Bank of New York Mellon Corp acquired a new position in CNX Resources during the 2nd quarter worth approximately $41,432,000. Balyasny Asset Management L.P. boosted its holdings in CNX Resources by 601.8% in the 3rd quarter. Balyasny Asset Management L.P. now owns 1,105,456 shares of the oil and gas producer's stock worth $35,507,000 after acquiring an additional 947,931 shares during the period. Finally, Capital Research Global Investors boosted its holdings in 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 during the period. Hedge funds and other institutional investors own 95.16% of the company's stock.

CNX Resources Trading Up 0.1%

NYSE:CNX opened at $36.11 on Friday. The stock has a market cap of $5.34 billion, a price-to-earnings ratio of 6.03 and a beta of 0.60. CNX Resources Corporation. has a one year low of $28.70 and a one year high of $43.62. 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 business's 50-day simple moving average is $34.40 and its 200 day simple moving average is $36.73.

CNX Resources (NYSE:CNX - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $475.16 million. During the same quarter last year, the firm earned $2.43 EPS. CNX Resources's quarterly revenue was down 35.7% on a year-over-year basis. As a group, sell-side analysts predict that CNX Resources Corporation. will post 3.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CNX. Mizuho lowered their price objective on shares of CNX Resources from $44.00 to $42.00 and set a "neutral" rating for the company in a research report on Wednesday, May 27th. Tudor Pickering raised shares of CNX Resources from a "strong sell" rating to a "hold" rating in a research report on Friday, May 8th. Weiss Ratings downgraded shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Truist Financial raised shares of CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price target for the company in a report on Wednesday, July 15th. Finally, Morgan Stanley dropped their price target on shares of CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a research note on Monday, June 29th. Nine equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, CNX Resources currently has a consensus 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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