Wakefield Asset Management LLLP Makes New Investment in CNX Resources Corporation. $CNX

Key Points

• Wakefield Asset Management bought a new stake of 39,757 CNX shares (~$1.28M) in Q3, while institutional ownership stands at 95.16% with major funds (e.g., Capital Research, American Century, AQR) materially increasing their positions.
• Average analyst rating: "Reduce" with an average target of $36, though several firms have recently raised targets or upgraded the stock (Mizuho to $43, JPMorgan to neutral at $38, Weiss to buy).
• CNX reported a strong quarterly beat—EPS $1.28 vs. $0.34 estimate and revenue $610.5M (up 347% YoY)—and the stock trades with a market cap of $5.67B and a P/E of 10.82.

Wakefield Asset Management LLLP bought a new stake in shares of CNX Resources Corporation. (NYSE:CNX - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 39,757 shares of the oil and gas producer's stock, valued at approximately $1,277,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Capital Research Global Investors grew its stake in CNX Resources by 38.6% during the third quarter. Capital Research Global Investors now owns 3,950,000 shares of the oil and gas producer's stock valued at $126,874,000 after acquiring an additional 1,100,000 shares in the last quarter. American Century Companies Inc. grew its position in shares of CNX Resources by 16.3% during the 3rd quarter. American Century Companies Inc. now owns 3,236,441 shares of the oil and gas producer's stock valued at $103,954,000 after purchasing an additional 454,071 shares in the last quarter. Southeast Asset Advisors LLC increased its holdings in shares of CNX Resources by 0.3% in the second quarter. Southeast Asset Advisors LLC now owns 2,414,955 shares of the oil and gas producer's stock worth $81,336,000 after purchasing an additional 6,930 shares during the period. Adage Capital Partners GP L.L.C. increased its holdings in shares of CNX Resources by 16.7% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,400,000 shares of the oil and gas producer's stock worth $47,152,000 after purchasing an additional 200,000 shares during the period. Finally, AQR Capital Management LLC raised its position in shares of CNX Resources by 112.2% in the second quarter. AQR Capital Management LLC now owns 1,007,486 shares of the oil and gas producer's stock worth $33,932,000 after buying an additional 532,770 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on CNX shares. Roth Mkm set a $35.00 price objective on CNX Resources and gave the stock a "neutral" rating in a report on Thursday, January 29th. Weiss Ratings raised CNX Resources from a "hold (c)" rating to a "buy (b)" rating in a report on Wednesday, February 11th. Mizuho upped their target price on CNX Resources from $35.00 to $43.00 and gave the stock a "neutral" rating in a research note on Friday, December 12th. JPMorgan Chase & Co. upgraded shares of CNX Resources from an "underweight" rating to a "neutral" rating and increased their price target for the company from $36.00 to $38.00 in a research report on Monday, December 8th. Finally, Zacks Research raised shares of CNX Resources from a "strong sell" rating to a "hold" rating in a research note on Friday, February 27th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average target price of $36.00.

CNX Resources Price Performance

Shares of CNX Resources stock opened at $39.83 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.44 and a quick ratio of 0.41. CNX Resources Corporation. has a one year low of $27.68 and a one year high of $43.62. The business's 50 day simple moving average is $38.40 and its two-hundred day simple moving average is $35.66. The stock has a market capitalization of $5.67 billion, a P/E ratio of 10.82, a price-to-earnings-growth ratio of 0.42 and a beta of 0.65.

CNX Resources (NYSE:CNX - Get Free Report) last issued its earnings results on Thursday, January 29th. The oil and gas producer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.94. CNX Resources had a net margin of 28.28% and a return on equity of 9.29%. The firm had revenue of $610.48 million for the quarter, compared to analysts' expectations of $422.65 million. During the same quarter last year, the business earned ($0.97) earnings per share. The business's revenue was up 347.0% on a year-over-year basis. Analysts forecast that CNX Resources Corporation. will post 2.18 EPS for the current year.

Insider Activity

In other news, Director Bernard Lanigan, Jr. sold 46,119 shares of the company's stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $40.60, for a total transaction of $1,872,431.40. Following the completion of the transaction, the director directly owned 177,180 shares of the company's stock, valued at approximately $7,193,508. This represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.59% of the company's stock.

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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