Engineers Gate Manager LP Sells 78,174 Shares of CNX Resources Corporation. $CNX

Key Points

• Engineers Gate Manager LP cut its CNX Resources stake by 69.7% in the second quarter, selling 78,174 shares and retaining 33,936 shares valued at approximately $1.15 million.
• CNX reported quarterly EPS of $1.32, well above the $0.60 analyst consensus, while revenue reached $618.48 million; however, revenue declined 35.7% year over year.
• Analyst sentiment remains cautious, with a consensus rating of “Reduce” and an average price target of $35.88. CNX shares opened at $32.91, below their 50-day and 200-day moving averages.

Engineers Gate Manager LP decreased its position in CNX Resources Corporation. (NYSE:CNX - Free Report) by 69.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,936 shares of the oil and gas producer's stock after selling 78,174 shares during the quarter. Engineers Gate Manager LP's holdings in CNX Resources were worth $1,151,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of CNX Resources during the 2nd quarter valued at $650,689,000. Dimensional Fund Advisors LP increased its stake in shares of CNX Resources by 0.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,774,069 shares of the oil and gas producer's stock worth $338,260,000 after acquiring an additional 28,851 shares in the last quarter. Capital Research Global Investors lifted its position in CNX Resources by 20.6% during the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer's stock valued at $175,210,000 after acquiring an additional 815,039 shares during the period. 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 valued at $147,988,000 after acquiring an additional 3,776,511 shares during the period. Finally, Bank of America Corp DE bought a new stake in CNX Resources during the second quarter worth about $87,949,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

CNX Resources Trading Down 1.8%

CNX Resources stock opened at $32.91 on Friday. CNX Resources Corporation. has a one year low of $29.22 and a one year high of $43.62. The business's fifty day moving average is $35.29 and its 200 day moving average is $36.35. The stock has a market capitalization of $4.87 billion, a PE ratio of 5.49 and a beta of 0.61. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67.

CNX Resources (NYSE:CNX - Get Free Report) last issued its earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.72. The business had revenue of $618.48 million during the quarter, compared to analyst estimates of $475.16 million. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.CNX Resources's revenue was down 35.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.43 EPS. On average, sell-side analysts predict that CNX Resources Corporation. will post 3.08 EPS for the current year.

Analysts Set New Price Targets

CNX has been the subject of a number of analyst reports. 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 cut their price target on CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a research note on Monday, June 29th. Barclays reduced their price objective on CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a research report on Tuesday, May 26th. Weiss Ratings downgraded CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Finally, Truist Financial raised 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. Eight equities research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, CNX Resources has a consensus rating of "Reduce" and an average price target of $35.88.

CNX Resources Company Profile

CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused on the Appalachian Basin. The company develops and produces natural gas, primarily from unconventional shale formations, with operations concentrated in the Marcellus and Utica shale regions.

CNX's activities include acquiring, drilling, completing and operating natural gas wells, as well as managing related gathering and infrastructure assets used to transport production to market.

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