SG Americas Securities LLC Raises Stake in CNX Resources Corporation. $CNX

Key Points

• SG Americas Securities LLC boosted its stake in CNX by 408.1% in Q4, purchasing 143,870 shares to hold 179,127 shares (about 0.13% of the company) valued at $6.586 million.
• CNX beat quarterly expectations, reporting $1.28 EPS vs. $0.34 expected and $610.48M revenue vs. $422.65M expected, with revenue up 347% year-over-year, though the stock was down 3.8%.
• Analyst coverage is mixed (one Buy, seven Hold, four Sell) with an average rating of "Reduce" and a $35.67 average price target, while corporate insiders have sold sizable stakes (e.g., a director sold 46,119 shares), leaving insiders owning 4.59%.

SG Americas Securities LLC boosted its stake in CNX Resources Corporation. (NYSE:CNX - Free Report) by 408.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 179,127 shares of the oil and gas producer's stock after purchasing an additional 143,870 shares during the quarter. SG Americas Securities LLC owned approximately 0.13% of CNX Resources worth $6,586,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of CNX Resources by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 86,878 shares of the oil and gas producer's stock valued at $2,735,000 after acquiring an additional 3,785 shares during the period. Acadian Asset Management LLC purchased a new stake in CNX Resources in the 1st quarter worth approximately $583,000. Legal & General Group Plc lifted its stake in CNX Resources by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 240,605 shares of the oil and gas producer's stock worth $8,104,000 after purchasing an additional 2,257 shares in the last quarter. Prudential Financial Inc. boosted its holdings in CNX Resources by 47.9% in the 2nd quarter. Prudential Financial Inc. now owns 22,401 shares of the oil and gas producer's stock valued at $816,000 after purchasing an additional 7,258 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of CNX Resources by 9.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 78,712 shares of the oil and gas producer's stock valued at $2,651,000 after purchasing an additional 6,690 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

CNX Resources Stock Down 3.8%

CNX opened at $38.48 on Wednesday. The company has a market cap of $5.48 billion, a P/E ratio of 10.46, a P/E/G ratio of 0.33 and a beta of 0.65. The business's 50-day moving average price is $39.78 and its 200-day moving average price is $36.86. The company has a current ratio of 0.44, a quick ratio of 0.41 and a debt-to-equity ratio of 0.52. CNX Resources Corporation. has a 12 month low of $27.68 and a 12 month high of $43.62.

CNX Resources (NYSE:CNX - Get Free Report) last issued its earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.94. The company had revenue of $610.48 million during the quarter, compared to analysts' expectations of $422.65 million. CNX Resources had a return on equity of 9.29% and a net margin of 28.28%.CNX Resources's quarterly revenue was up 347.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.97) EPS. On average, equities analysts expect that CNX Resources Corporation. will post 2.18 EPS for the current year.

Analyst Ratings Changes

CNX has been the topic of several research analyst reports. Piper Sandler set a $26.00 price target on shares of CNX Resources in a report on Monday, February 2nd. Weiss Ratings upgraded CNX Resources from a "hold (c)" rating to a "buy (b)" rating in a research report on Wednesday, February 11th. Truist Financial assumed coverage on CNX Resources in a report on Tuesday, March 24th. They issued a "sell" rating and a $35.00 price target on the stock. JPMorgan Chase & Co. upgraded CNX Resources from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $36.00 to $38.00 in a research report on Monday, December 8th. Finally, Roth Mkm set a $35.00 price objective on CNX Resources and gave the stock a "neutral" rating in a report on Thursday, January 29th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and an average price target of $35.67.

Insider Buying and Selling

In related news, Director Bernard Lanigan, Jr. sold 46,119 shares of the company's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the completion of the sale, the director directly owned 177,180 shares in the company, valued at $7,193,508. This represents a 20.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Maureen Lally-Green sold 23,631 shares of the stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $39.52, for a total transaction of $933,897.12. Following the sale, the director directly owned 169,577 shares of the company's stock, valued at $6,701,683.04. The trade was a 12.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 4.59% of the company's stock.

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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