Empowered Funds LLC Takes Position in CNX Resources Corporation. $CNX

Key Points

• Empowered Funds LLC initiated a position in CNX Resources by purchasing 44,780 shares valued at approximately $1.52 million. Institutional investors collectively own 95.16% of the company.
• CNX Resources reported quarterly EPS of $1.32, exceeding the $0.60 analyst consensus, while revenue of $618.5 million surpassed estimates but declined 35.7% year over year.
• Analyst sentiment remains cautious, with nine Hold ratings and three Sell ratings, producing a consensus “Reduce” rating and an average price target of $35.44 versus the stock’s reported $37.75 price.

Empowered Funds LLC purchased a new stake in CNX Resources Corporation. (NYSE:CNX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 44,780 shares of the oil and gas producer's stock, valued at approximately $1,519,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNX. Smartleaf Asset Management LLC grew its holdings in shares of CNX Resources by 56.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock valued at $30,000 after acquiring an additional 293 shares in the last quarter. Aigen Investment Management LP raised its holdings in CNX Resources by 4.9% during the fourth quarter. Aigen Investment Management LP now owns 7,619 shares of the oil and gas producer's stock worth $280,000 after acquiring an additional 354 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in CNX Resources by 3.2% during the fourth quarter. Arkadios Wealth Advisors now owns 13,028 shares of the oil and gas producer's stock worth $479,000 after acquiring an additional 400 shares in the last quarter. Petra Financial Advisors Inc. boosted its position in CNX Resources by 1.1% during the first quarter. Petra Financial Advisors Inc. now owns 55,393 shares of the oil and gas producer's stock valued at $2,135,000 after purchasing an additional 621 shares during the last quarter. Finally, Midwest Professional Planners LTD. boosted its position in CNX Resources by 2.5% during the fourth quarter. Midwest Professional Planners LTD. now owns 26,449 shares of the oil and gas producer's stock valued at $973,000 after purchasing an additional 642 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

CNX Resources Trading Up 0.5%

CNX Resources stock opened at $37.75 on Friday. CNX Resources Corporation. has a 52 week low of $28.82 and a 52 week 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 stock has a market capitalization of $5.58 billion, a P/E ratio of 6.30 and a beta of 0.61. The stock has a 50-day simple moving average of $34.77 and a 200 day simple moving average of $36.64.

CNX Resources (NYSE:CNX - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share (EPS) 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 analyst estimates of $475.16 million. During the same quarter in the prior year, the company earned $2.43 earnings per share. The business's revenue for the quarter was down 35.7% compared to the same quarter last year. Analysts expect that CNX Resources Corporation. will post 3.08 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have weighed in on CNX shares. Tudor Pickering raised CNX Resources from a "strong sell" rating to a "hold" rating in a research report on Friday, May 8th. Weiss Ratings downgraded CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Mizuho decreased their target price on shares of CNX Resources from $44.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, May 27th. Morgan Stanley decreased their target price 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. Finally, 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 report on Wednesday, July 15th. Nine equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Reduce" and an average price target 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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