UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 35,858 Shares of CNX Resources Corporation. $CNX

Key Points

• UBS Asset Management cut its CNX Resources stake by 16.6% in the second quarter, selling 35,858 shares and retaining 180,489 shares valued at approximately $6.1 million.
• Institutional investors own 95.16% of CNX Resources; BlackRock and Bank of America initiated positions during the second quarter, while several other funds increased their holdings.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $35.44. CNX nonetheless beat quarterly earnings estimates, reporting $1.32 EPS versus the $0.60 consensus, though revenue fell 35.7% year over year.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its stake in CNX Resources Corporation. (NYSE:CNX - Free Report) by 16.6% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 180,489 shares of the oil and gas producer's stock after selling 35,858 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.12% of CNX Resources worth $6,124,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in CNX Resources in the second quarter worth $650,689,000. Dimensional Fund Advisors LP increased its holdings in shares of CNX Resources by 0.3% during the first quarter. Dimensional Fund Advisors LP now owns 8,774,069 shares of the oil and gas producer's stock valued at $338,260,000 after acquiring an additional 28,851 shares in the last quarter. Capital Research Global Investors raised its position in shares of CNX Resources by 20.6% in the 4th quarter. Capital Research Global Investors now owns 4,765,039 shares of the oil and gas producer's stock worth $175,210,000 after purchasing an additional 815,039 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of CNX Resources by 6,057.8% in 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 purchasing an additional 3,776,511 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of CNX Resources in the 2nd quarter worth about $87,949,000. Institutional investors own 95.16% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CNX. Truist Financial raised shares of CNX Resources from a "sell" rating to a "hold" rating and set a $35.00 price objective on the stock in a research report on Wednesday, July 15th. Mizuho decreased their target price 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 downgraded shares of CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Morgan Stanley reduced their price target on shares of CNX Resources from $34.00 to $32.00 and set an "underweight" rating for the company in a research report on Monday, June 29th. Finally, Barclays decreased their price objective on shares of CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a report on Tuesday, May 26th. Nine investment analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, CNX Resources presently has a consensus rating of "Reduce" and an average price target of $35.44.

CNX Resources Price Performance

Shares of NYSE:CNX opened at $37.06 on Wednesday. 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 firm has a market cap of $5.48 billion, a price-to-earnings ratio of 6.19 and a beta of 0.61. The business has a 50-day simple moving average of $34.99 and a two-hundred day simple moving average of $36.58. CNX Resources Corporation. has a fifty-two week low of $28.82 and a fifty-two week 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $475.16 million. During the same quarter last year, the firm posted $2.43 EPS. The business's quarterly revenue was down 35.7% compared to the same quarter last year. On average, analysts expect that CNX Resources Corporation. will post 3.08 earnings per share for the current year.

About CNX Resources

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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