The Manufacturers Life Insurance Company Buys New Shares in CNX Resources Corporation. $CNX

Key Points

• The Manufacturers Life Insurance Company acquired 132,350 shares of CNX Resources in the second quarter, valued at approximately $4.49 million and representing about 0.09% of the company.
• Institutional investors own 95.16% of CNX Resources, while analysts remain cautious: nine rate the stock “Hold” and three rate it “Sell,” producing an average “Reduce” rating and a $35.44 consensus price target.
• CNX Resources reported quarterly EPS of $1.32, beating estimates of $0.60, and revenue of $618.48 million; however, revenue fell 35.7% year over year.

The Manufacturers Life Insurance Company bought a new position in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 132,350 shares of the oil and gas producer's stock, valued at approximately $4,491,000. The Manufacturers Life Insurance Company owned approximately 0.09% of CNX Resources as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State of Wyoming acquired a new position in CNX Resources in the 2nd quarter valued at approximately $29,000. Smartleaf Asset Management LLC grew its holdings in shares of CNX Resources by 56.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock worth $30,000 after purchasing an additional 293 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of CNX Resources during the fourth quarter valued at approximately $34,000. Kestra Advisory Services LLC bought a new stake in shares of CNX Resources during the fourth quarter valued at approximately $50,000. Finally, Highlander Partners L.P. acquired a new position in shares of CNX Resources in the fourth quarter valued at $56,000. 95.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Tudor Pickering upgraded shares of CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, May 8th. Mizuho reduced 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 lowered shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Morgan Stanley lowered their target price 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. Finally, Truist Financial upgraded shares of CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price target for the company in a research note on Wednesday, July 15th. Nine investment analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, CNX Resources has an average rating of "Reduce" and a consensus price target of $35.44.

CNX Resources Stock Performance

Shares of NYSE:CNX opened at $36.40 on Tuesday. CNX Resources Corporation. has a twelve month low of $28.70 and a twelve month high of $43.62. The firm has a market cap of $5.39 billion, a PE ratio of 6.08 and a beta of 0.60. 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 business has a fifty day moving average of $34.53 and a 200-day moving average of $36.69.

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

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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