Legal & General Group Plc Purchases New Position in CNX Resources Corporation. $CNX

Key Points

• Legal & General Group Plc acquired 179,261 shares of CNX Resources in the second quarter, valued at approximately $6.1 million and representing a 0.12% stake. Institutional investors collectively own 95.16% of the company.
• Analyst sentiment remains cautious: nine analysts rate CNX a Hold and three rate it Sell, producing a consensus “Reduce” rating and an average price target of $35.44.
• CNX reported quarterly earnings of $1.32 per share, beating estimates of $0.60, while revenue reached $618.5 million. However, revenue declined 35.7% year over year, and the stock opened at $37.59.

Legal & General Group Plc acquired a new position in CNX Resources Corporation. (NYSE:CNX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 179,261 shares of the oil and gas producer's stock, valued at approximately $6,082,000. Legal & General Group Plc owned 0.12% of CNX Resources at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CNX. Smartleaf Asset Management LLC lifted its position 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 acquiring an additional 293 shares in the last quarter. Aigen Investment Management LP grew its position 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 valued at $280,000 after purchasing an additional 354 shares in the last quarter. Arkadios Wealth Advisors raised its stake in shares of CNX Resources by 3.2% during the 4th quarter. Arkadios Wealth Advisors now owns 13,028 shares of the oil and gas producer's stock valued at $479,000 after purchasing an additional 400 shares during the period. Petra Financial Advisors Inc. raised its stake in shares of CNX Resources by 1.1% during the 1st 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 period. Finally, Midwest Professional Planners LTD. lifted its holdings in CNX Resources by 2.5% during the 4th quarter. Midwest Professional Planners LTD. now owns 26,449 shares of the oil and gas producer's stock worth $973,000 after purchasing an additional 642 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CNX shares. Morgan Stanley cut their target price on CNX Resources from $34.00 to $32.00 and set an "underweight" rating for the company in a research note on Monday, June 29th. Weiss Ratings cut CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report 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 on the stock in a report on Wednesday, July 15th. Barclays cut their price objective on shares of CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a research report on Tuesday, May 26th. Finally, Mizuho decreased their target price on shares of CNX Resources from $44.00 to $42.00 and set a "neutral" rating on the stock in a report on Wednesday, May 27th. Nine 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 $35.44.

CNX Resources Price Performance

NYSE:CNX opened at $37.59 on Thursday. CNX Resources Corporation. has a 52-week low of $28.82 and a 52-week high of $43.62. The stock has a fifty day moving average of $34.69 and a 200 day moving average of $36.66. 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 firm has a market capitalization of $5.56 billion, a price-to-earnings ratio of 6.27 and a beta of 0.61.

CNX Resources (NYSE:CNX - Get Free Report) last announced 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. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.The business had revenue of $618.48 million for the quarter, compared to analyst estimates of $475.16 million. During the same period in the prior year, the company earned $2.43 EPS. The company's quarterly revenue was down 35.7% compared to the same quarter last year. On average, research analysts expect that CNX Resources Corporation. will post 3.08 EPS for the current fiscal year.

About CNX Resources

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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