SummerHaven Investment Management LLC Acquires 29,759 Shares of CNX Resources Corporation. $CNX

Key Points

• SummerHaven Investment Management initiated a CNX Resources position by purchasing 29,759 shares valued at approximately $969,000. Institutional investors and hedge funds collectively own 95.16% of the company.
• CNX shares traded up 3.7% to $35.91, while the company’s latest quarterly results exceeded expectations with EPS of $1.32 versus the $0.60 consensus estimate and revenue of $618.5 million.
• Analyst sentiment remains cautious: CNX has a consensus “Reduce” rating, with eight Hold ratings and three Sell ratings, and an average price target of $34.25—below the reported trading price.

SummerHaven Investment Management LLC bought a new position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 29,759 shares of the oil and gas producer's stock, valued at approximately $969,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CNX. BlackRock Inc. acquired a new stake in CNX Resources in the second quarter valued at $650,689,000. Dimensional Fund Advisors LP lifted its holdings in CNX Resources by 0.3% during 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 buying an additional 28,851 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of 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 worth $147,988,000 after acquiring an additional 3,776,511 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of CNX Resources during the 2nd quarter worth about $87,949,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of CNX Resources during the 2nd quarter worth about $41,432,000. Institutional investors and hedge funds own 95.16% of the company's stock.

CNX Resources Trading Up 3.7%

NYSE CNX opened at $35.91 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67. The firm's fifty day moving average price is $34.90 and its 200 day moving average price is $35.24. The company has a market capitalization of $5.31 billion, a price-to-earnings ratio of 6.00 and a beta of 0.69. CNX Resources Corporation. has a 12 month low of $30.77 and a 12 month high of $43.62.

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 EPS for the quarter, topping the consensus estimate of $0.60 by $0.72. CNX Resources had a net margin of 36.53% and a return on equity of 10.40%. The firm had revenue of $618.48 million for the quarter, compared to analyst estimates of $475.16 million. During the same period last year, the business earned $2.43 EPS. CNX Resources's revenue for the quarter was down 35.7% compared to the same quarter last year. On average, sell-side analysts expect that CNX Resources Corporation. will post 3.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CNX has been the topic of a number of recent analyst reports. Truist Financial dropped their price objective on CNX Resources from $35.00 to $34.00 and set a "hold" rating on the stock in a report on Friday. Mizuho decreased their target price on CNX Resources from $42.00 to $38.00 and set a "neutral" rating for the company in a research note on Thursday. Weiss Ratings cut CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Scotiabank assumed coverage on CNX Resources in a report on Wednesday. They issued a "sector perform" rating and a $34.00 price target for the company. Finally, Morgan Stanley increased their price target on shares of CNX Resources from $32.00 to $34.00 and gave the company an "underweight" rating in a research note on Thursday. Eight investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average target price of $34.25.

About CNX Resources

CNX Resources Corporation NYSE: CNX is an independent natural gas exploration and production company focused primarily on developing unconventional natural gas reserves in the Appalachian Basin. Its operations are concentrated in the Marcellus and Utica shale formations, where it uses horizontal drilling and hydraulic fracturing to produce pipeline-quality natural gas.

The company's activities include acquiring, developing and operating natural gas properties, as well as managing related gathering and infrastructure assets.

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