Wallace Capital Management Inc. Invests $16.85 Million in CNX Resources Corporation. $CNX

Wallace Capital Management Inc. bought a new stake in CNX Resources Corporation. (NYSE:CNX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 496,627 shares of the oil and gas producer's stock, valued at approximately $16,851,000. CNX Resources accounts for about 1.8% of Wallace Capital Management Inc.'s portfolio, making the stock its 14th largest holding. Wallace Capital Management Inc. owned about 0.34% of CNX Resources as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CNX. Smartleaf Asset Management LLC increased its holdings in CNX Resources by 56.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 810 shares of the oil and gas producer's stock valued at $30,000 after purchasing an additional 293 shares in the last quarter. State of Wyoming acquired a new position in shares of CNX Resources during the second quarter worth about $29,000. Los Angeles Capital Management LLC purchased a new stake in shares of CNX Resources in the fourth quarter worth about $34,000. Kestra Advisory Services LLC purchased a new stake in shares of CNX Resources in the fourth quarter worth about $50,000. Finally, Highlander Partners L.P. acquired a new stake in shares of CNX Resources in the fourth quarter valued at about $56,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Analysts Set New Price Targets

CNX has been the topic of several analyst reports. Weiss Ratings downgraded CNX Resources from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. Barclays decreased their price target on CNX Resources from $36.00 to $35.00 and set an "underweight" rating for the company in a report on Tuesday, May 26th. Morgan Stanley lowered their price objective 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. Truist Financial upgraded 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 note on Wednesday, July 15th. Finally, Tudor Pickering raised shares of CNX Resources from a "strong sell" rating to a "hold" rating in a research report on Friday, May 8th. Nine analysts have rated the stock with a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average price target of $35.44.

CNX Resources Stock Up 0.1%

Shares of CNX Resources stock opened at $36.04 on Thursday. CNX Resources Corporation. has a 1-year low of $28.70 and a 1-year high of $43.62. The company has a market capitalization of $5.33 billion, a PE ratio of 6.02 and a beta of 0.60. 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 business has a 50-day moving average of $34.33 and a 200-day moving average of $36.76.

CNX Resources (NYSE:CNX - Get Free Report) last released 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. The business had revenue of $618.48 million for the quarter, compared to analysts' expectations of $475.16 million. CNX Resources had a return on equity of 10.40% and a net margin of 36.53%.The company's revenue was down 35.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.43 earnings per share. As a group, equities analysts forecast that CNX Resources Corporation. will post 3.08 EPS for the current fiscal year.

CNX Resources Company 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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