Jupiter Topco LLC Acquires New Stake in CNX Resources Corporation. $CNX

Key Points

• Jupiter Topco LLC acquired 59,502 shares of CNX Resources during the second quarter, valued at approximately $2.02 million. Institutional investors and hedge funds collectively own 95.16% of the company.
• CNX Resources reported quarterly EPS of $1.32, exceeding analyst expectations of $0.60, while revenue reached $618.48 million. However, revenue declined 35.7% year over year.
• Analyst sentiment remains cautious, with the stock carrying an average “Reduce” rating and an average price target of $35.44, below its reported opening price of $37.75.

Jupiter Topco LLC acquired a new stake in CNX Resources Corporation. (NYSE:CNX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 59,502 shares of the oil and gas producer's stock, valued at approximately $2,019,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its holdings in shares of CNX Resources by 56.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock worth $30,000 after buying an additional 293 shares in the last quarter. Aigen Investment Management LP lifted its stake in shares of CNX Resources by 4.9% in the fourth quarter. Aigen Investment Management LP now owns 7,619 shares of the oil and gas producer's stock worth $280,000 after buying an additional 354 shares in the last quarter. Arkadios Wealth Advisors lifted its stake in shares of CNX Resources by 3.2% in the fourth quarter. Arkadios Wealth Advisors now owns 13,028 shares of the oil and gas producer's stock worth $479,000 after buying 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 worth $2,135,000 after acquiring 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 worth $973,000 after acquiring an additional 642 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Price Performance

NYSE:CNX 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 stock's fifty day moving average is $34.77 and its two-hundred day moving average is $36.64. The company has a market capitalization of $5.58 billion, a P/E ratio of 6.30 and a beta of 0.61. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.46.

CNX Resources (NYSE:CNX - Get Free Report) last released its quarterly 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 analysts' expectations of $475.16 million. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.The company's revenue was down 35.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.43 EPS. Equities analysts expect that CNX Resources Corporation. will post 3.08 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on CNX. Mizuho cut their price objective on shares of CNX Resources from $44.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, May 27th. Weiss Ratings cut CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Barclays cut their price target on CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a report on Tuesday, May 26th. Truist Financial raised CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price objective on the stock in a research note on Wednesday, July 15th. Finally, Tudor Pickering raised CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Nine analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Reduce" and an average price target of $35.44.

CNX Resources 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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