Corient Private Wealth LP Buys Shares of 32,719 CNX Resources Corporation. $CNX

Key Points

• Corient Private Wealth acquired 32,719 CNX Resources shares during the second quarter, valued at approximately $1.11 million. Institutional investors collectively own 95.16% of the company.
• Analyst sentiment remains cautious: nine analysts rate CNX as a Hold and three rate it Sell, resulting in a consensus “Reduce” rating and a $35.44 price target.
• CNX reported quarterly EPS of $1.32, beating estimates of $0.60, while revenue reached $618.48 million. However, revenue declined 35.7% year over year, and shares recently opened at $37.47.

Corient Private Wealth LP acquired a new stake in CNX Resources Corporation. (NYSE:CNX - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 32,719 shares of the oil and gas producer's stock, valued at approximately $1,110,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State of Wyoming purchased a new stake in CNX Resources during the second quarter valued at about $29,000. Smartleaf Asset Management LLC raised its holdings in CNX Resources by 56.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock worth $30,000 after purchasing an additional 293 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of CNX Resources during the fourth quarter valued at approximately $34,000. Kestra Advisory Services LLC purchased a new stake in CNX Resources during the 4th quarter valued at about $50,000. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of CNX Resources by 393.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,925 shares of the oil and gas producer's stock worth $65,000 after purchasing an additional 1,535 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CNX shares. Tudor Pickering raised shares of CNX Resources from a "strong sell" rating to a "hold" rating in a report on Friday, May 8th. Morgan Stanley dropped their price target 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. Truist Financial upgraded shares of CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 target price on the stock in a research note on Wednesday, July 15th. Barclays cut their price target on CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a research note on Tuesday, May 26th. Finally, Weiss Ratings lowered CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Nine investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, CNX Resources currently has a consensus rating of "Reduce" and a consensus price target of $35.44.

CNX Resources Stock Down 0.8%

Shares of CNX opened at $37.47 on Friday. The stock has a 50 day moving average price of $34.85 and a 200 day moving average price of $36.65. The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of 6.26 and a beta of 0.61. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.72. CNX Resources Corporation. has a one year low of $28.82 and a one year high of $43.62.

CNX Resources (NYSE:CNX - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The firm had revenue of $618.48 million during the quarter, compared to analyst estimates of $475.16 million. During the same quarter in the prior year, the firm posted $2.43 earnings per share. CNX Resources's quarterly revenue was down 35.7% on a year-over-year basis. Equities research analysts forecast that CNX Resources Corporation. will post 3.08 earnings per share for the current fiscal year.

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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