Squarepoint Ops LLC Sells 239,385 Shares of CNX Resources Corporation. $CNX

Key Points

• Squarepoint Ops LLC reduced its CNX Resources stake by 85.4%, selling 239,385 shares and retaining 40,813 shares valued at approximately $1.385 million. Institutional investors collectively own 95.16% of the company.
• CNX Resources reported quarterly earnings of $1.32 per share, exceeding estimates of $0.60, while revenue reached $618.48 million. However, revenue declined 35.7% year over year.
• Analyst sentiment remains cautious, with eight Hold ratings and three Sell ratings. MarketBeat lists a consensus rating of “Reduce” and an average price target of $35.88, compared with the stock’s reported price of $33.66.

Squarepoint Ops LLC lessened its holdings in CNX Resources Corporation. (NYSE:CNX - Free Report) by 85.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 40,813 shares of the oil and gas producer's stock after selling 239,385 shares during the period. Squarepoint Ops LLC's holdings in CNX Resources were worth $1,385,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Caitlin John LLC bought a new position in shares of CNX Resources in the second quarter worth about $33,000. JTC Employer Solutions Trustee Ltd bought a new stake in CNX Resources during the 4th quarter valued at approximately $74,000. Northwestern Mutual Wealth Management Co. purchased a new position in CNX Resources in the 2nd quarter worth approximately $93,000. Transamerica Financial Advisors LLC purchased a new position in CNX Resources in the 2nd quarter worth approximately $94,000. Finally, Fifth Third Wealth Advisors LLC bought a new position in CNX Resources in the 1st quarter worth approximately $200,000. 95.16% of the stock is owned by institutional investors.

CNX Resources Stock Down 4.9%

NYSE CNX opened at $33.66 on Thursday. The stock has a 50 day moving average price of $35.25 and a 200-day moving average price of $36.43. CNX Resources Corporation. has a one year low of $29.22 and a one year 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 company has a market capitalization of $4.98 billion, a P/E ratio of 5.62 and a beta of 0.61.

CNX Resources (NYSE:CNX - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas producer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.72. The company had revenue of $618.48 million for the quarter, compared to analysts' expectations of $475.16 million. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. CNX Resources's quarterly revenue was down 35.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.43 earnings per share. As a group, equities analysts predict that CNX Resources Corporation. will post 3.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CNX. Truist Financial raised shares of CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price objective for the company in a report on Wednesday, July 15th. Weiss Ratings downgraded shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Barclays dropped their target price 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. Mizuho reduced their price target 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. Finally, Morgan Stanley decreased their price target on shares of CNX Resources from $34.00 to $32.00 and set an "underweight" rating on the stock in a research note on Monday, June 29th. Eight research analysts have rated the stock with a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Reduce" and an average target price of $35.88.

CNX Resources 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.

Want to see what other hedge funds are holding CNX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CNX Resources Corporation. (NYSE:CNX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.