Tidal Investments LLC Purchases 34,049 Shares of CNX Resources Corporation. $CNX

Key Points

• Tidal Investments increased its CNX Resources stake by 149.8% in the second quarter, purchasing 34,049 additional shares for a total of 56,778 shares valued at approximately $1.93 million.
• Institutional ownership remains very high at 95.16%, with BlackRock, Arrowstreet Capital, Bank of America, Bank of New York Mellon and Capital Research Global Investors among other major holders increasing or initiating positions.
• Analyst sentiment is cautious: CNX has a consensus “Reduce” rating, with eight Holds and three Sells and an average price target of $35.88. The company nevertheless exceeded quarterly EPS expectations, reporting $1.32 versus the $0.60 consensus estimate, although revenue fell 35.7% year over year.

Tidal Investments LLC increased its holdings in CNX Resources Corporation. (NYSE:CNX - Free Report) by 149.8% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 56,778 shares of the oil and gas producer's stock after purchasing an additional 34,049 shares during the period. Tidal Investments LLC's holdings in CNX Resources were worth $1,926,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CNX. BlackRock Inc. purchased a new position in CNX Resources in the 2nd quarter worth $650,689,000. Arrowstreet Capital Limited Partnership boosted its position in CNX Resources by 6,057.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,838,852 shares of the oil and gas producer's stock valued at $147,988,000 after buying an additional 3,776,511 shares during the period. Bank of America Corp DE bought a new position in shares of CNX Resources during the second quarter valued at about $87,949,000. Bank of New York Mellon Corp bought a new position in shares of CNX Resources during the second quarter valued at about $41,432,000. Finally, Capital Research Global Investors increased its holdings in shares of CNX Resources by 20.6% in the fourth quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer's stock worth $175,210,000 after buying an additional 815,039 shares during the period. Institutional investors own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CNX. Mizuho reduced their price target on CNX Resources from $44.00 to $42.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 27th. Weiss Ratings downgraded CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, July 28th. Truist Financial raised CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price objective for the company in a research note on Wednesday, July 15th. Barclays cut their target price on shares of CNX Resources from $36.00 to $35.00 and set an "underweight" rating on the stock in a report on Tuesday, May 26th. Finally, Morgan Stanley lowered their price target on shares of CNX Resources from $34.00 to $32.00 and set an "underweight" rating for the company in a report on Monday, June 29th. Eight research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, CNX Resources presently has a consensus rating of "Reduce" and an average price target of $35.88.

CNX Resources Price Performance

CNX stock opened at $33.66 on Thursday. CNX Resources Corporation. has a 1 year low of $29.22 and a 1 year high of $43.62. The company has a market cap of $4.98 billion, a P/E ratio of 5.62 and a beta of 0.61. The firm has a 50-day moving average of $35.25 and a 200 day moving average of $36.43. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.72 and a quick ratio of 0.67.

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 (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.72. The firm had revenue of $618.48 million during the quarter, compared to analyst estimates 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 was down 35.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.43 EPS. On average, sell-side analysts forecast that CNX Resources Corporation. will post 3.08 EPS for the current year.

About CNX Resources

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.

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.